SOL token price under pressure after PoS blockchain goes down again

Proof-of-stake (PoS) network Solana (SOL) faced a significant outage on Friday 30 September that saw the blockchain down for at least six hours due to a misconfigured node.

Solana Status took to Twitter shortly afterwards to confirm that the issue had been identified and a solution was being implemented.

It said at the time: “The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network.”

The price of SOL fell from $35.08 at one point on 30 September to $32 on 1 October. Earlier today, the network’s native token SOL was down 4% in the last 24 hours, but it has since risen 0.21% to $32.54.

SOL to USD

Network issues throughout the year

Solana has suffered several outages in the past year with users highlighting the blockchain’s weak network as the cause. Outages took place almost consistently each month earlier this year with the PoS network going down in April, May, June and July.  

Users on Twitter however were divided by the news of the outage and criticism of the network as some said the blochcain is trying to consistently improve along with its developers and engineers. To date, Solana’s network has gone down around eight times since its launch. 

SOL’s price has faced a continous decline in 2022, shedding a signficant portion of value since the beginning of the year. SOL was trading around $171 at the start of January, but as of 3 Octoeber its current price was trading at around $32.

Solana later confirmed the latest outage was resolved at 07:00 UTC on 1 October. 

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