Solana (SOL) Price Crash News: Solana price has crashed by over 12 percent in the last 24 hours. The SOL price fall started after Solana blockchain suffered its second outage in the last one month. Solana validators were not processing new blocks for several hours due to the outage.

As per Twitter account SolanaStatus, block production on Solana Main Beta was halted due to a bug. “Earlier today a bug in the durable nonce transactions feature led to nondeterminism when nodes generated different results for the same block, which prevented the network from advancing. Engineers are readying new releases (v1.9.28/v1.10.23) which temporarily disables the durable nonce transactions feature until a patch is released,” Solana Status said in a series of tweets.

To fix the outage, Solana validators had to restart as per instructions shared by the Twitter handle. The outage lasted over 4 hours. However, the SolanaStaus Twitter handle pointed out that the network and the funds were secure.

“Network state is secure, as are funds. Validator operators are coordinating a restart from the highest confirmed block in public on mb-validators in Discord,” one of the Tweets by SolanaStatus said.

What is Solana?

Solana (SOL) is the native and utility crypto token for Solana blockchain. Launched in March 2020, SOL is used for value transfer on the blockchain. It also works for the blockchain security through staking.

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Currently ranked ninth on CoinMarketCap, SOL is now one of the largest cryptocurrencies after Bitcoin, Ethereum, Binance Chain Coin (BNB), XRP and Cardano.

The official website of Solana describes itself as a “decentralized blockchain built to enable scalable, user-friendly apps for the world.”It further says that Solana is not just “ultra-fast” and “low cost” but also censorship resistant. The Solana network is spread over thousands of independent nodes.

Solana has been gaining traction in the recent years in the NFT and DeFI ecosystems because it is considered faster and cheaper to use than Ethereum. Due to this reason, it is also often referred to as an Ethereum rival.

However, Solana blockchain has suffered multiple outages since last year and a half. Even on 1st of May this year, an outage in Solana blockchain lasted several years before it was brought back online.

Solana Price Today

At the time of writing, Solana was trading at $39.53, down 12.14 percent in the last 24 hours. SOL price has fallen by over 55 percent in the last 30 days amid a global crypto market crash. (Check today’s prices of top cryptos here)

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)