Solana Network Faces Minor Outage, Impacting Solana Coin (SOL) Price

The Solana network is experiencing a minor disruption, as reported by the block explorer. The last transaction was halted at 0952 UTC. Engineers and validators are currently addressing the issue.

Source: Tim Hakki

📅 Last updated: February 6, 2024 06:54 EST | ⏱️ 2 min read

Solana price prediction amid SOL blockchain outage – What’s happening?

The Solana network recently encountered a minor outage, causing concern among investors. Let’s dive into what happened and how it affected the price of the native Solana coin (SOL).

Solana Network Outage: An Investigation is Underway 🚧

Engineers and validators are diligently investigating the source of the problem on the mainnet-beta. In a tweet, leading Solana validator Laine mentioned that it’s unclear whether a recovery is possible without a coordinated cluster restart. The community eagerly awaits further updates.

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Solana Coin (SOL) Price Takes a Dive 📉

As news of the outage spread, the price of SOL experienced a 2.2% dip within the last hour. This drop adds to its 24-hour depreciation of 4.4%, according to CoinGecko’s data. Over the past seven days, SOL has shedted 10%. Currently priced at $93.63, SOL holders are keen to see if the decline will continue.

Based on historical data, SOL could potentially bottom out at previous support levels of around $0.87. However, it’s unlikely to reach the 2023 low of $0.79, which was a result of market-wide concerns sparked by JP Morgan CEO Jamie Dimon’s comments on Bitcoin’s creator potentially erasing the cryptocurrency.

Source: TradingView / SOLUSDT

In conclusion, while SOL may experience further losses in the short-term, it’s important to note that the current price action is a result of the technical fault, not any fundamental threats to the network’s reliability.

Looking Beyond Solana: Consider Sponge (SPONGE) 🧽

If you’re eager to explore exciting altcoins and potential investment opportunities, it might be worth considering Sponge (SPONGE). After posting an immediate rally of 150%, Sponge has migrated to Polygon and is now on the cusp of releasing SPONGE V2, with V1 discontinued.

Sponge V2 offers an improved staking model and serves as the native token for a play-to-earn racing game. Winners of the races are rewarded with SPONGE V2 tokens, which can be staked for an annual yield of 245% APY.

💡 Visit Sponge Now

Remember, investing in cryptocurrency carries risks. This article is for informational purposes only and does not constitute investment advice. Be aware that you could potentially lose all of your capital.

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Q&A

Q: What caused the Solana network outage?

A: The Solana network outage was caused by a technical fault that is currently being investigated by engineers and validators. The exact source of the problem is still being determined.

Q: Is there a possibility of recovery without a coordinated cluster restart?

A: It is currently uncertain whether a recovery is possible without a coordinated cluster restart. Further updates from the Solana team are awaited to provide more clarity on the situation.

Q: How did the outage affect the price of SOL?

A: The news of the Solana network outage resulted in a 2.2% dip in the price of the SOL coin within the last hour. Over the past 24 hours, SOL has depreciated by 4.4%. However, it’s important to note that this price movement is primarily due to the technical fault and not a reflection of any fundamental issues with the network.

Q: Should I consider investing in Sponge (SPONGE)?

A: Sponge (SPONGE) is an altcoin that has recently migrated to Polygon and is set to release SPONGE V2. It offers an improved staking model and serves as the native token for a play-to-earn racing game. If you’re interested in exploring potential investments in altcoins, Sponge may be worth considering. However, always do thorough research and consider the risks associated with investing in cryptocurrencies.

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References:

1. Solana network performance impacts SOL price
2. Anza Co-Founder Responds to Solana Centralization Concerns
3. Sponge announces strategic transition to Sponge V2 on the Polygon network after liquidity pool attack
4. Immediate 30% Reopro Review: Scam or Legitimate Trading Platform?
5. Polygon Labs lays off 19 staff following restructuring, increases workers’ pay 15%

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