Solana: SOL has improved but there may be bad news for you

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Solana: SOL has improved but there may be bad news for you

Solana (SOL) is back in the news. But alas, this time for a nasty reason. On October 1, at 06:15 IST, Solana Status, a Twitter account operated by the Solana Foundation, posted a tweet about Solana's fourth major blackout since January.

The tweet states that the network is experiencing an outage and is not processing transactions. In addition, developers across the ecosystem have gone to great lengths to restart the network.

Solana tries to fix the problem

An hour later, at 7:07 IST, Solana Status shared a link to a document via her tweet. The document titled "Solana Mainnet-Beta Cluster Restart 1" is for the beta mainnet validator. The tweet also requires these validators to follow the cluster reset instructions.

Solana's attempt to fix the problem was met with some resistance. Most validators cannot follow the reset instructions due to network problems.

For example, P2 Moo, a game developer, took to Twitter to point out that the outage is still active.

In addition, software and blockchain company also commented on the matter. “A misconfigured node causes an unrecoverable partition in the network,” according to the blockchain company.

SOL response of the market!

After the developments mentioned above, SOL is still with the bears at the time of writing. It has dropped 3.3% in the past 24 hours.

The price of the Ethereum killer stands at $32.89, at press time. The Relative Strength Index (RSI) is right at the neutral 50 line. Traders have had a hard time understanding the dynamics of the SOL market.

The moving average convergence divergence (MACD) and the signal line are running together and attempting to move above the zero line. In summary, the indicator has been giving mixed signals to traders at the writing time.

On the other hand, the Awesome Oscillator (AO) indicator shows that the market is in a state of flux. And, at the time of this writing, vendors have the upper hand.

Source: TradingView

When will Solana end this issue?

Well, this is not the first time Solana has faced a problem. In August 2022, many Solana owners reported that their funds were slowly running out. It was later discovered that a hacker was mining millions of online wallets.

Also, despite trying to fix the error from the end of the blockchain, Solana users seem unimpressed. Some users took to Twitter to share their complaints, while others scoured the blockchain for "another feather on the lid of SOL."

Can Solana solve the problem at hand? Can you prevent SOL from falling into more losses? When will Solana come up with a constructive solution? All these questions can only be answered after the next Solana update.

At the time of writing this article, the official Solana team has yet to respond on this matter.


Oct 01, 2022

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