It appears that Solana is back from its little “technical vacation.” The blockchain, also known as the "Ethereum killer," resumed operations after experiencing some “cluster instability,” as dubbed by developers, that caused some major issues over the weekend. However, the issue has been resolved, and blockchain developers are keeping a close eye on the network's performance.
What Happened to the Solana Network?
The incident report on the Solana Status page, which many are following religiously, stated that the Solana community restarted the cluster around 01:28 UTC on Feb. 26 due to "cluster instability." Though a technical term, "cluster instability" sounds like something that needs serious attention to avoid a recurrence.
Anyway, this cluster instability caused the blockchain to slow down drastically and stop processing almost all transactions. As you can imagine, this was very frustrating for those trying to make transactions around that time. The blockchain's throughput also plummeted by a whopping 99%, which is a bit like going from 100 mph to 1 mph in just a few seconds.
However, Solana developers and validators were on the case, investigating the issue and trying to find a solution. It turns out that the blockchain was undergoing an unintended hard fork, which sounds like a painful experience for anyone involved. Validators considered downgrading to the latest functional version, v1.13, and as a result, two versions of validator software coexisted, causing a bit of a headache for the network.
Decentralization Caused the Delay: Solana Enthusiasts
Despite all this chaos, Solana enthusiasts pointed out that the recent technical issue showed the level of "decentralization" within the blockchain. Validators debated which version to run, causing the recovery process to take much longer than expected. This just goes to show that democracy can be a bit of a pain when you're in a hurry.
Finally, Solana has bounced back from its little technical hiccup, and all is right in the crypto world once again. But who knows what the future holds? I mean, we can't predict everything, right? It's a wild, unpredictable world out there, and Solana just reminded us of that.
What Did This Do to SOL?
The real question on the minds of many is, "How is SOL doing?" At the time of writing, SOL is up 1.62% in the last 24 hours and is currently trading for $22.72. The cryptocurrency has risen by over 180% since its record low of $8 recorded on December 29, making it one of the best-performing assets in 2023.
Though SOL has put up a killer performance in recent weeks, many traders are unsatisfied as the cryptocurrency has yet to retest the critical $28.00 support figure. A resurfacing above this critical level could confirm the end of the bear cycle and reinvigorate SOL investors once again. Do you think $28.00 is achievable for SOL anytime soon?
SOL Statistics Data
SOL Current Price: $22.77
SOL Market Cap: $8.61B
SOL Circulating Supply: 122.3M
SOL Total Supply: 539.3M
SOL Market Ranking: #11
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.