On Monday, Solana’s value recovered from a seven-day low over the weekend earlier than retreating. Photograph Illustration by Fortune
After a turbulent weekend for its underlying blockchain, Solana’s native cryptocurrency once more confirmed its resilience as the value rebounded on Monday.
The SOL token jumped as a lot as 3% to $23.33 over just a few hours, after it had plummeted to a seven-day low of $21.72 over the weekend. The token later retreated to $22.88.
On Saturday, the blockchain skilled a significant lag in its transaction processing that ultimately led to an entire stall, which left customers unable to commerce or switch crypto belongings on-chain.
Engineers debugging the problem couldn’t instantly determine the trigger, however the group of validators, which assist situation transactions on the community, rolled again a latest replace to the blockchain’s software program to attempt to resolve the issue. That change was not sufficient to repair the problem, and the Solana blockchain needed to be restarted—after being down for nearly a day.
The community got here again on-line at about 8:30 p.m. ET on Saturday, in accordance with a report by Solana.
The newest outage is harking back to the blockchain’s efficiency in 2022, the place the community went down a number of occasions. In Might, bots induced a multi-hour outage, the community fell once more for hours in June, and eventually in October, a single node additionally took down Solana. The constant tech points with the community have spurred criticism from crypto customers who’ve questioned how Solana’s token, SOL, can proceed to be among the many high cryptocurrencies.
Solana is down for a co-ordinated restart
A tech situation was throttling transactions and the blockchain began to unexpectedly fork
How is that this pos within the high 10 crypto listing?
— Crypto Tea (@CryptoTea_) February 25, 2023
But even after the most recent outage, it’s evident that some merchants appeared desirous to push SOL towards a restoration.
The 2 hottest cryptocurrencies, Bitcoin and Ether, have been additionally up barely on Monday. Bitcoin was up 0.4% to $23,300, whereas Ethereum led the day up 2% to about $1,600, in accordance with CoinMarketCap.