In this technological world, nothing goes very smoothly, and anything can happen at any time.
Solana’s Beta network faced a five-hour outage due to a bug in the JIT compilation cache. Validators swiftly coordinated to restart the network with a new software version, resolving the issue. Despite this being the eleventh outage since inception, Solana rebounded strongly, with its price surging, showcasing market resilience and investor confidence.
What Happens to Solana’s Mainnet Network?
On February 6, 2024, the Solana Beta network experienced a major outage of approximately five hours. The halt in block finalization was primarily due to a bug related to the JIT (Just-In-Time) compilation cache for deployed programs with legacy loaders. The engineers from across the Solana ecosystem investigated that bug issue. This bug resulted in an indefinite recompile loop, severely slowing the network because validators could not advance past the defective block.
Validators Quick Action
Validators Initiated a coordinated response quickly, preparing to restart the network from the last confirmed slot. A new software, version 1.17.20, which included a vital fix to solve the vulnerability, was released. At roughly 14:55 UTC, consensus and block production resumed, marking the end of the incident. This problem highlighted the challenges of maintaining a high-performance blockchain network like Solana because this was the eleventh outage since its inception.
Solana Defies Expectations by Climbed $102 Mark
After the bug issue was resolved, Solana experienced a major jump, crossing the $102 mark. This was a great achievement that captured traders and investors, as per Santiment. This spike is particularly remarkable given that Solana has bounced back from a recent outage that initially raised some alarm.
At press time, Solana was traded at $101.26 with a market capitalization of $44.2 billion. Solana had been riding high, showing an impressive 6.58% growth like a phoenix rising from the ashes. This growth marked significant achievements over the past few months, standing out in the broader cryptocurrency market, which has increased by 3.5%.
Notably, the SOL/BTC pair has risen by 4.5%, which is also a positive sign for Solana in this crypto market environment. This increase came after a period of hesitation following the huge outage on February 6.
Solana’s Breakdown
CryptoJelleNL, a long-term crypto and stock investor, shared his insights on investors’ dilemma. Jelle drew parallels between the market situation with Solana and Ethereum’s position. Jelle expressed confidence in Solana’s potential for a significant uptrend similar to Ethereum’s historical trajectory.
Ethereum exchanged hands at $2,939.31 at press time, with a 24-hour trading volume of $15,574,141,102 and a market capitalization of $353,182,908,381. Solana traded at $102.55, with a 24-hour trading volume of $1,417,623,620 and a market capitalization of $45,222,042,951.
Solana Reached Yearly High
The Solana price has dramatically increased since October 2023, peaking at a high of $126 in December 2023. SOL recovered following a nearly two-month decline and began another upward trend, climbing by 30%. SOL has reached its 2023 high, just below a crucial long-term horizontal and Fibonacci retracement resistance line. If the SOL price continues to increase, it could reach the next resistance at $140. This is also close to the previously outlined long-term horizontal and Fib resistance level.
Conclusion
In summary, despite the major outage on February 6 caused by a bug, Solana demonstrated remarkable resilience. Validators swiftly addressed the issue, and the network quickly recovered. This resilience was reflected in Solana’s price surge past $102, highlighting its robust capacity to bounce back and maintain investor confidence even after significant disruptions.
