Morning SOL holders, there is some bad news for you, but…

Solana [SOL] It’s back in the news again. Unfortunately, this time for an unpleasant reason. On October 1, at 6:15 GMT, Solana Status, a Twitter account operated by the Solana Foundation, posted a tweet about Solana’s fourth major outage since January.

The tweet stated that the network was experiencing a blackout and was not processing transactions. Additionally, developers across the ecosystem have done their best to reboot the network.

A bandage for a deep wound?

An hour later, at 7:07 BST, Solana Status shared a link to a document via his tweet. The document titled “Solana Mainnet-Beta Cluster Restart 1” was for mainnet beta validators. The tweet also asked these validators to follow instructions for restarting the group.

Solana’s effort to fix the problem was met with some resistance. Most of the auditors were unable to follow the restart instructions due to network issues.

For example, P2 Moo, a game developer, took charge Twitter Indicates that the network outage is still running.

In addition, software and blockchain website has also commented on this issue. According to the blockchain company, “a misconfigured node has caused an unrecoverable partition in the network.”

Damage done!

Following the aforementioned development, SOL remains with the bears at the time of writing. It’s down 3.3% in the last 24 hours.

The price of the Ethereum killer was at $32.89, at the time of writing. The Relative Strength Index (RSI) settled at the neutral 50 line. It has been observed that traders are having a hard time getting clarity on market movement in SOL.

The MACD (Moving Average Convergence Divergence) line and the signal line ran together in an attempt to make a move above the zero line. Simply put, the indicator was giving mixed signals to traders at the time of publication.

On the other hand, the reading of the Wonderful Oscillator (AO) showed that the market is in flux. And at the time of writing, sellers have the upper hand.

Source: TradingView

Stay strong sun!

Well, this wasn’t the first time Solana had a problem. In August 2022, several Solana owners reported that their funds were gradually disappearing. It was later discovered that a hacker drained millions of internet wallets.

Also, despite trying to fix from the end of the blockchain, Solana users didn’t really seem to like it. Some users took to Twitter to share their grievances, while others scoured the blockchain for “another feather in the SOL cap.”

Can Solana solve the problem? Could it prevent SOL from incurring further losses? When will Solana come up with a constructive solution? All these questions can only be answered after Solana’s next update.

As of this writing, Solana’s official team had yet to respond to the particular matter.

Leave a Reply

Your email address will not be published. Required fields are marked *