After about 16 hours of a network outage, Solana successfully restarts today. The recently trending blockchain has experienced instability due to high demand.

Solana successfully restarts after the outage in the network

Solana the trending cryptocurrency, has experienced network instability after the increasing demand for the services. High demand caused the network to malfunction, and it stopped working. On the Twitter account, they posted – “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS…” Overload caused Solana to start forking, and some nodes stopped working. Following the unprecedented accident, Solana’s validator community elected to restart the network, and all necessary information was shared by them via social media such as Discord and Twitter.

The technical problems caused Solana to drop significantly. Solana was a trending and profitable cryptocurrency during the last 2 weeks. The price of Solana doubled its price in the short period since 1st September. SOL spiked from $105 to $215 in 9 days, and it was due to the NFT sale (Degenerate Apes), which was on the Solana blockchain. Since then, Solana has been trending on cryptocurrency exchanges. However, the last instability affected the price significantly.

Solana Successfully Restarts

After hitting ATH, Solana was drawing a declining trend on the charts and network outage news affected it even more. The price dropped to $142, according to Binance.

Solana tweeted about successfully restarting the system after almost 16 hours. The price increased following the news but could not go too high. Price hit $166 and went slightly down to $156 at the time of publishing.

When Solana hit its ATH, the market capitalization went beyond $60 million, flipped XRP, and became the 6th largest cryptocurrency. Solana has been considered as the rival for Ethereum, and the recent price increase caused it to think it began to move in this direction.

Besides Solana, Arbitrum, and Ethereum Experienced Thread

Solana was not the only blockchain that experienced hardship yesterday. The second layer solution Artbirium also went offline for about an hour. According to Arbitrium, no funds were affected, and only a few transactions could not be processed.

Developer on Ethereum, Marius Van Der Wijden mentioned on his Twitter account that Ethereum has experienced an attack too:

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