{"id":573902,"date":"2024-02-08T05:48:47","date_gmt":"2024-02-08T05:48:47","guid":{"rendered":"https:\/\/wncen.com\/?p=573902"},"modified":"2024-02-08T05:51:12","modified_gmt":"2024-02-08T05:51:12","slug":"from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing\/","title":{"rendered":"From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing"},"content":{"rendered":"
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Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price<\/a>, dropping to $93.36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at $101.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours.<\/p>\n

Related Reading: Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing<\/a><\/div>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
Solana: Price Stagnation, Surge, Outage Recovery<\/strong><\/h2>\n
Amidst weeks of relative price stagnation, where SOL fluctuated between $90 and $99, Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture.<\/p>\n
The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability.<\/p>\n
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Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.<\/p>\n
The outage began at approximately\u2026<\/p>\n
\u2014 Solana Status (@SolanaStatus) February 6, 2024<\/a><\/p><\/blockquote>\n
Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance.<\/p>\n
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Solana outage, what happened?
\nBPF loader, the \u201cBerkley Packet Filter,\u201d which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a\u2026<\/p>\n
\u2014 matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024<\/a><\/p><\/blockquote>\n
This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a network upgrade. The Solana Foundation attributed the problem to the extensive use of “custom block-forwarding software” by various applications.<\/p>\n
SOL currently trading at $101.70 on the daily chart: TradingView.com<\/a><\/pre>\n
Despite occasional outages, Solana has experienced a surge in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, signaling growing interest and adoption. The recent network outage may have impacted investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve rapidly.<\/p>\n
Solana: Price Projections, Stability Concerns Persist<\/strong><\/h2>\n
Based on the latest price predictions<\/a>, Solana’s price is expected to fluctuate between $92 and $119 in February 2024. The price is predicted to rise to $400 in 2025 and reach an all-time high of $445 in 2027. Market analysts and experts predict that Solana is expected to cross a price level of $517 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate.<\/p>\n
\"\"<\/p>\n
Source: Coincodex<\/pre>\n
Related Reading: Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact<\/a><\/div>\n
Investors and enthusiasts are closely watching Solana’s trajectory as it strives to establish itself as a mainstay in blockchain ecosystems. The forthcoming root cause report from the Solana Foundation is eagerly anticipated, offering insights into the outage and potentially addressing concerns about the network’s stability.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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As Solana navigates through these challenges, its ability to recover and sustain an upward trajectory will be closely monitored, playing a pivotal role in shaping its future amid the competitive cryptocurrency landscape.<\/p>\n
Featured image from Adobe Stock, chart from TradingView<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price, dropping to $93.36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at $101.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours. Related Reading: Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing Source: Coingecko Solana: Price Stagnation, Surge, Outage Recovery Amidst weeks of relative price stagnation, where SOL fluctuated between $90 and $99, Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture. The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability. Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored. The outage began at approximately\u2026 \u2014 Solana Status (@SolanaStatus) February 6, 2024 Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance. Solana outage, what happened? BPF loader, the \u201cBerkley Packet Filter,\u201d which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a\u2026 \u2014 matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024 This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a network upgrade. The Solana Foundation attributed the problem to the extensive use of “custom block-forwarding software” by various applications. SOL currently trading at $101.70 on the daily chart: TradingView.com Despite occasional outages, Solana has experienced a surge in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, signaling growing interest and adoption. The recent network outage may have impacted investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve rapidly. Solana: Price Projections, Stability Concerns Persist Based on the latest price predictions, Solana’s price is expected to fluctuate between $92 and $119 in February 2024. The price is predicted to rise to $400 in 2025 and reach an all-time high of $445 in 2027. Market analysts and experts predict that Solana is expected to cross a price level of $517 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate. Source: Coincodex Related Reading: Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact Investors and enthusiasts are closely watching Solana’s trajectory as it strives to establish itself as a mainstay in blockchain ecosystems. The forthcoming root cause report from the Solana Foundation is eagerly anticipated, offering insights into the outage and potentially addressing concerns about the network’s stability. As Solana navigates through these challenges, its ability to recover and sustain an upward trajectory will be closely monitored, playing a pivotal role in shaping its future amid the competitive cryptocurrency landscape. Featured image from Adobe Stock, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":573927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,12837,86420,83626,86410],"class_list":["post-573902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-sol","tag-sol-price","tag-solana","tag-solusd"],"acf":[],"yoast_head":"\nSolana Price Bounces Back With Network Restart In Full Swing<\/title>\n<meta name=\"description\" content=\"Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing","url":"http:\/\/wncen.com\/news\/from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_85355f.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_85355f.jpg?fit=360%2C240"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","sol","sol price","solana","solusd"],"dateCreated":"2024-02-08T05:48:47Z","datePublished":"2024-02-08T05:48:47Z","dateModified":"2024-02-08T05:51:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/from-outage-to-recovery-solana-price-bounces-back-with-network-restart-in-full-swing\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/1_85355f.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/1_85355f.jpg?fit=360%2C240\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"sol\",\"sol price\",\"solana\",\"solusd\"],\"dateCreated\":\"2024-02-08T05:48:47Z\",\"datePublished\":\"2024-02-08T05:48:47Z\",\"dateModified\":\"2024-02-08T05:51:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/1_85355f.jpg?fit=360%2C240","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573902"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=573902"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/573927"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=573902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=573902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=573902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}