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Business News/ Markets / Cryptocurrency/  Solana price rises as blockchain restarts after another network outage

Solana price surged today after underperformed in the previous session amid a network outage that was later resolved. Solana was trading more than 4% higher at $41 over the last 24 hours, as per CoinGecko, with other crypto prices also rising today.

The Solana blockchain is back up and running after a software glitch caused an outage of more than four hours, the latest in a series of shutdowns of the network in less than a year.

The digital asset’s network suffered a wave of blackouts and service issues lasting as long as 18 hours in January, prompting ire from frustrated traders who watched their portfolio values decline while unable to offload tokens.

The network remains secure, as do all funds, Solana said earlier in an Twitter post. While Solana’s rise to the upper echelon of crypto’s top alternatives to Bitcoin and Ethereum has been rapid, it has been hampered by outages in recent months.

The price of Solana’s SOL token slumped for a third day on Thursday, falling as much to $38.67 and underperforming most other major tokens, later recovered and bounced back in the last 24 hours.

Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. Solana is among the top 10 cryptocurrency assets, as per CoinGecko, however is down sharply from its record high of $259.96 it had hit in November, 2021.

Solana is a general purpose blockchain similar to Ethereum. It has a different technical underlying such that developers write applications using Rust instead of Solidity or Vyper. End user applications in the Solana ecosystem includes decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, e-commerce and more, as per CoinGecko.

(With inputs from agencies)

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Updated: 03 Jun 2022, 09:10 AM IST
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