Update: Block production on the Solana mainnet beta resumed at 14:57 UTC following a successful update to version 1.17.20, and as of 15:15 UTC, the network is functioning properly.
Solana has encountered its first major outage in 2024. For the first time since February 2023, the network experienced an outage, causing disruptions across its mainnet-beta.
The precise cause of the outage is currently under investigation by Solana's engineers. With the mainnet-beta cluster down, the term "major outage" has been aptly posted on the status page, implying that the situation is most likely severe. Luckily, all mainnet-beta RPC nodes have remained operational, and the explorer is up, indicating that not all network functionalities are impaired.
Last year, Solana faced similar challenges, but the swift resolution and subsequent months of smooth operation had started to restore faith in the network's resilience.
Now, as SOL holders and network users look for answers, the impact on the asset's price is yet to be seen. The outage occurs at a time when the network is considered the leading L1 network on the market right now.
As for the SOL price chart, the asset has been navigating through volatility, with recent trends indicating consolidation. The outage could potentially influence market dynamics, but the price remains steady at press time of the press. If history is any guide, previous outages have led to price dips, followed by recoveries as the network returned to full functionality.
Denys Serhiichuk
Tomiwabold Olajide
