Solana (SOL) Falls 5% After Its First Network Outage In 350 Days

Joshua Ramos
Source – Solana

The digital asset market was shocked when Solana stopped producing blocks more than four hours ago, subsequently leading SOL to fall as much as 5% amid its first network outage in 350 days. The development was a notable one within the industry and has affected the value of its native SOL token.

Earlier today, news outlets began to issue reports on a Solana outage that shocked users. Thereafter, Solana took to X (formerly Twitter) to give an update on the situation. Specifically, they noted that engineers were investigating a mainnet outage. Moreover, blockchain company Laine, a validator on the Solana Blockchain also stated the uncertainty of the situation.

Also Read: Solana Stops Processing Transactions Due To An Outage

Solana Faces SOL Drop Amid Major Network Outage

Due to the technical nature of digital assets, network outages are a critical thing to avoid for blockchain companies. However, like all technology sectors, they have become a key part of the industry. One company that has certainly suffered its fair share of issues with outages is Solana.

Although it had been outage-free for quite some time, Solana has seen SOL drop as much as 5% amid its first major network outage in 350 days. Indeed, the blockchain was down for almost a day in February of 2023. However, the current outage has not impacted the price of SOL as much as some may have feared.

Source – CoinGape

Also Read: Solana (SOL) Falls Below $100; Can SOL Climb Back This Week?

The native token fell as much as 5% but is currently down only 3.50%, trading at $94.16 according to CoinMarketCap. However, that continues what has been a continual decline for the asset over the last seven days. Specifically, over the last week, SOL has dropped as much as 10%.

As previously stated, Laine has updated users on the situation in a post to X. Specifically, they note that “engineers are investigating and identifying a possible remediation,” but the possibility of recovery is unknown at this time. Moreover, they noted that validators are on standby for the next steps as needed.”