Solana Remains Steady Despite Network Outage
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
According to an announcement by Solana Status on Twitter, the Solana (SOL) mainnet suffered an “intermittent instability” some hours ago. The account later reported that “resource exhaustion” was responsible for the network outage witnessed previously.
Commenting on the issue, SOL’s CEO, Anatoly Yakovenko, stated that the problem emanated from “Raydium IDO bots trying to snipe the tokens at launch.”
That said, the mainnet outage recently got resolved after more than 80% of all validators restarted and upgraded to version 1.6.25. Solana Status noted that:
“The Solana validator community completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point [that] full functionality should [get] restored.”
Meanwhile, Layer-2 rollup solution—Arbitrum—suffered a similar outage alongside SOL. Interestingly, many developers reported that the network went down again shortly after the Arbitrum team announced that the network had gotten fully restored.
Solana Status also noted that:
“Solana Mainnet Beta encountered a large increase in transaction load, which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”
Despite the hour-long network outage, the price of SOL remained largely unaffected. At press time, the seventh-largest cryptocurrency traded at $161 and recorded an intraday high of $168.05.
Key Solana Levels to Watch — September 15
SOL appears to have slowed down from its recent plummet from the $216 high to the $142 low. The seventh-largest cryptocurrency trades within a rising wedge amid a slow comeback of bulls across the broader market.
With the precious network problem solved, we could see a bullish continuation towards the critical $175 – $180 resistance area. That said, any bearish move from the current price should get repelled by the $146 support area.
Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $146, $130, and $120.
Total Market Capitalization: $2.14 trillion
Solana Market Capitalization: $46.8 billion
Solana Dominance: 2.19%
Market Rank: #7
