December 2, 2023


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Solana Network Experiences Issues, SOL Price Trends Downward

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On Saturday, the Solana Network reportedly experienced a pause as infrastructure operators investigated issues with the blockchain. Traders encountered difficulties in trading digital assets on the chain due to technical issues.

Solana Chain Down?

According to SolBlaze, a staking pool built on Solana, the blockchain did not go down but validators have slowed down due to a forking event scheduled on Mainnet-beta. The network is currently moving at a rate of 16 TPS and Solana engineers and validator operators are working to identify the root cause of the issue.

While some potential fixes are being attempted, the main cause of the issue is still unknown.

SolBlaze has suggested that the issue may be due to the recently rolled-out major v1.14 upgrade, which may have buried the incremental downgrade issue.

Validators are attempting to downgrade from v1.14 to v1.13, but it is not advised to do so until an official notice comes from Solana Labs. If downgrading does not resolve the issue, a coordinated restart attempt is being considered.

On the market side, the Solana price is currently experiencing a downward trend, with SOL down by 5% in the last 24 hours. At press time, Solana is trading at an average price of $22.77, with a 24-hour trading volume of $603 million, up by 14%.Regenerate response