The Solana network suffered an abrupt halt, with the network validators unable to process transactions and advance blocks, according to system incident reports.
The exact technical reason behind Solana’s latest halt remains unclear. However, alarm bells sounded Tuesday morning UTC time as validators logged a rapid deterioration in the network’s ability to confirm new blocks and settle transfers.
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According to status dashboards, the Solana network came to a standstill on February 6, 2024, at 10:22 UTC. The event marks Solana’s most significant crash since a two-day outage in April 2023 sparked by excessive memory consumption that required a complex restart.
Solana price reacts to network outage
Following the incident, the price of SOL has dropped by almost 4% in the last 24 hours. SOL dropped from a 24-hour high of $98.43 to a low of $93.36 at press time. This has minimized the chances of the coin reclaiming the $100 throne.
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The halt is one of the first incidents in 2024, following the two-day network halt back in April 2023. The Solana network faced numerous outages in 2022, primarily due to node issues.