After a 24-hour downtime, the Solana network is back up and running, causing the price of its native token SOL to plummet.
For nearly 24 hours, the Solana mainnet had problems processing transactions and eventually went offline after reaching a peak of 400,000 transactions per second.
In a tweet, Solana Status clarified the source of the network’s instability, noting that it was caused by a massive spike in transaction load to 400,000 transactions per second, which overburdened the network and resulted in a denial-of-service.
On a decentralized blockchain that the business says is the quickest in the world, the Solana network runs a range of apps.
SOL’s price is down 5.06 percent today, having fallen from highs of $171.48 to lows of $142.86 during yesterday’s outage, however it has made a significant comeback to $160.70 after the Solana Status account reported that the mainnet has been successfully reestablished.
The Solana validator community successfully rebooted and upgraded the network to version 1.6.25. In the coming hours, all systems, including Dapps, explorers, and supporting solutions, are expected to recover. By the end of the day, full functioning should be restored.