Solana paused because of yet another error
The network outage caused by technical issues for the unsuccessful “Ethereum killer” is now customary. Users occasionally experience difficulty finishing transactions. This shut down was the longest in the previous 12 months, lasting 19 hours.
On February 25th, an effort to update to version 1.14 ended in failure. As the chain has grown, the speed of processing transactions has decreased from 5,000 TPS to 100 TPS. The validators made the decision to go back to version 1.13. However, they calculated the restart point incorrectly, which made the issue worse. As a result, the network was shut down entirely, and an older unit was used instead.
A network partner, Chorus One, attempted to locate a silver lining by emphasizing Solana’s decentralization and the necessity for validators to vote with a predetermined quorum on each decision. Because of this, Solana’s recovery time is 8–10 hours as opposed to 1 hour for a highly centralized network.
Problems with SOL
Inherently flawed design, not decentralization, was the issue, according to another user: “Solana has proven for the 15th time that nodes are extremely dependent on each other.” On February 26, the operation was fully resumed, but the reason for the malfunction is still unidentified. The development team is now looking into the issue to ensure that none of the confirmed user transactions were impacted. The coin’s worth was unaffected as well.
Users and some developers are already accustomed to the network’s sporadic breakdowns. Yet, Solana still has an $800 million skeleton in the closet in the form of the 35 million SOL held by FTX. The coins will be sold after the trial is over in order to make up for the investors’ losses. The increase in supply won’t assist capitalization, and two of Solana’s largest NFT projects have already left because of their tight financial ties to the defunct cryptocurrency exchange.
Near Quick Support for Solana
Due to the overall market drop, the Solana price has been quite volatile over the last few trading sessions. The Solana network experienced an outage over the last weekend, and the price on its chart immediately began to retrace. SOL has likewise lost 3% of its value in the last day.
Additionally, the altcoin’s technical makeup continued to show bearishness on the daily chart. As buyers struggled, demand for the altcoin fell into negative territory. As a result, accumulation decreased on the graph as well.
The Solana price is unable to rise above its current price ceiling because there is insufficient buying power. The alternative coin may try to retest the overhead resistance level if buyers give it a modest push. The altcoins that were striving to rise upward over the past day as Bitcoin fell south also noticed a reduction in their price momentum.
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