Solana [SOL] suffers yet another technical challenge, details inside
Solana users were unable to conduct transactions on the network in the last few hours of press time. Preliminary reports revealed that this was a network-wide problem reportedly caused by a long-forking event.
Realistic or not, here’s Solana’s market cap in BTC’s terms
The Solana blockchain is certainly not new to the technical challenges that have been triggered. Some of those network glitches resulted in halted operations for some time before a network reboot is conducted.
The latest reports about Solana’s network disruption in the last 24 hours did not disclose the source of the problem. However, it was revealed that a reboot and reversion to a previous software version were among the solutions being contemplated.
<p lang=«en» dir=«ltr» xml:lang=«en»>The Solana network experienced a forking event early Sunday morning New York time that throttled users’ ability to execute transactions. It was not immediately clear what caused the “long forking event”. Validators and Solana engineers were discussing a range of options,… https://t.co/GFd8AT6kV9— Wu Blockchain (@WuBlockchain) February 25, 2023
Solana’s latest network challenge triggered a spike in social dominance, as news about the network outage spread. Past instances of network outages have triggered more FUD among investors and this time not much of a change in volume was observed.
Source: Santiment
This is likely because Solana’s volume fell substantially in the last few days. However, there was a slight increase in volume in the last 24 hours which may suggest that the market reacted to the move.
As expected, SOL’s price action did face some downside by as much as 2.64% over the last day. This adds to the selling pressure that prevailed in the previous 4 days, hence
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