Crypto News: Bearish SOL Price Forecast After Solana Blockchain Crashes Again? Sell now?
3 min readThe Solana blockchain experienced a major disruption over the past few trading days, bringing block production to a halt around 10:22 UTC. Almost an hour later, SOL validators are preparing for a restart. They plan to restart the mainnet beta cluster with version 1.17.20; the jito-solana version is also available.
This incident joins a series of technical issues faced by SOL a year after a two-day outage in September 2021. Despite rapid adoption, the SOL network has repeatedly faced technical challenges that required multiple reboots.
In this article, we look at the developments surrounding the Solana Blockchain and also explore which coin could potentially be the next winner on the crypto scene after the significant success of the Bonk Coin.
BREAKING: Solana network is experiencing “performance degradation" with engineers trying to resolve the issue. By @shauryamalwa. https://t.co/AS4ao7n1Xh
— CoinDesk (@CoinDesk) February 6, 2024
Solana Validators Prepare to Reboot as Network Suffers ‘Severe’ Outages
According to posts from validators on X, the recent outage affected performance across the SOL mainnet beta and prevented new blocks from being added. As a result, unprocessed transactions piled up for over 25 minutes – an eternity for a network designed to finalize blocks every 400 milliseconds.
The impact of the outage was felt across the crypto ecosystem. The price of SOL fell nearly 3.5% amid the uncertainty, from an opening price above $97 to below $94 on Tuesday.
An analyst’s chart on It can be seen that an event is marked in April 2022, followed by a significant price decline in September 2022.
#Solana faces its 4th major outage in the past 3 years..
The Last outage was in Feb 2023 pic.twitter.com/GafszUX31F
— Mags (@thescalpingpro) February 6, 2024
In February 2023 there will be another marked point, which probably symbolizes a turning point for the Solana blockchain through an improvement in the network. From this point on, the chart shows a sustained uptrend, which could indicate a positive development or a recovery of the network and increasing investor confidence.
Internal problems at Solana: SOL co-founder not informed about blockchain failure
Meanwhile, media outlets are already reporting that SOL co-founder Anatoly Yakovenko was not included in problem solving during the network’s recent outage. In a tweet, Yakovenko expressed disappointment that he was neither contacted nor added to the communication channels responsible for debugging.
This incident raises questions about internal communications and crisis management at SOL. Yakovenko’s absence at crucial moments could be seen as an indicator of larger organizational challenges that go beyond technical difficulties and potentially impact governance and trust in the network.
NEW: @solana CO-FOUNDER @aeyakovenko CLAIMS THAT HE WAS SLEEPING DURING @solana OUTAGE – "NO ONE BOTHERED TO CALL ME OR EVEN ADD ME TO WHATEVER SLACK OR DISCORD CHANNEL WAS DEBUGGING THE ISSUE, NOT EVEN FOR MORAL SUPPORT" pic.twitter.com/nLDfTCGaAt
— DEGEN NEWS 🗞️ (@DegenerateNews) February 6, 2024
The impact of the approximately five-hour outage was significant as daily transactions dropped dramatically. This highlights the importance of robustness and reliability in the infrastructure of blockchain networks, especially when aiming for mass adoption. Solana’s claim to be a blockchain for mass adoption is being tested by such incidents.
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