Solana Crashes 5% to $93 as Team Confirms Another Network Outage

• Solana sees a network outage, with no new transaction block in hours.
• Solana’s team has confirmed the network outage through an incident report.
• This marks the first since February 2023, during which a major outage lasted over 18 hours.

The Solana (SOL) blockchain has encountered an unexpected hiccup, with no new transaction block recorded on the network over the past hour. At press time, data from Solana Blockchain Explorer suggested the last registered transaction happened at block height 227218878 at 09:52:44 (UTC).

Prominent figures in the crypto community, including Chinese reporter Colin Wu, have called attention to the development in posts on X.

Meanwhile, the Solana development team has confirmed the network outage that caused block progression to halt. The team posted an incident report on Solana’s official website stating: “Engineers from across the ecosystem are investigating an outage on mainnet-beta.” This message came in at 10:22 UTC.

Similarly, a blockchain software firm operating a leading validator on Solana posted about the incident on their X handle. The statement read: “Solana mainnet-beta is experiencing a performance degradation. Block progression is currently halted. Core engineers and validators are actively investigating.” 

According to Solana’s status page, the most recent outage marks the first since February 2023. During that time, the network was down on a major outage that lasted 18 hours and 50 minutes. Similar major outages were recorded in September and October 2022, jointly lasting over seven hours.

Interestingly, in January 2022, Solana recorded a partial outage for seven consecutive days. The network encountered nine outages in total for that month. Nonetheless, Solana’s uptime has a 99% success rate for most of the time.

Notably, Solana’s native token is substantially impacted by the current network downtime. CoinMarketCap data suggests SOL has witnessed a more pronounced decline in the past few hours compared to the last 24 hours. Essentially, SOL has hit a low of $93 from a height of $98 over the past day, reflecting a 5.37% loss.