Is Solana Network Down? What Does the SOL Price Mean?

Solana Price News: Solana Network reported that it halted operations on Saturday to allow infrastructure operators to inspect the blockchain’s problems. Users experienced technical difficulties when trying to trade digital assets on the chain.
Solana Chain Down?
According to SolBlaze (a Solana-based staking pool), the struggling blockchain didn’t crash. There is however a major forking event on Mainnet-beta. This has caused validators slow down as they try to resolve forks.


It also stated that the Network is moving slowly and confirming blocks at 16 TPS. Validator operators and Solana engineers continue to search for the root cause. Although the root cause of the problem is not yet known, there are some possible solutions. Continue reading the Solana News here…
SolBlaze stated that nothing has been confirmed as of yet. The incremental downgrade issue (v1.14 > V1.13) may be addressed in the recent major v1.14 update. The networked restart would be the last resort.

Later, it was revealed that validators are trying to downgrade the v1.14 version to v1.13. However, v1.14 was adopted in large numbers on February 25, 2023. It is speculated that this could be the current network problem.
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What’s the Last Resort?

It is advised to not downgrade, as there has been no official notice from Solana Labs. It is clear that nodes are being downgraded in a distributed manner. If the downgrading fails to resolve the issue, then a restart attempt is being planned.
The market is showing a downward trend in Solana prices. The SOL price has fallen by 5% over the past 24 hours. At press time, Solana trades at an average price $22.77. The 24 hour trading volume of Solana has increased by 14% to $603 million.

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