Solana Ends Week with Recovery After Latest Network Downtime

Solana swiftly recovers after a five-hour network downtime, as developers promise to address software issues to prevent future outages.

Elderly asian man wearing Solana coloured tracksuit being very pleased, as sitton on clouds.
Created by Gabor Kovacs from DailyCoin
  • Solana’s network is back online after a 5-hour outage due to a software bug.
  • Despite the downtime, Solana’s native token, SOL, shows remarkable price resilience.
  • Solana commits to enhancing network stability and preventing future disruptions.

Solana faced the nightmare scenario this week, as the network experienced downtime. For the first time in almost a year, users couldn’t send transactions over the network. 

Still, the swift response by the dev team ensured that the week remained positive for SOL. Solana’s native token ended the week higher than at the start despite the downtime. 

Solana Bounces Back from Downtime

On Tuesday, February 6, Solana experienced a significant network outage, which ceased transaction processing and blocked production for nearly five hours. The downtime was attributed to a bug in the software managing network upgrades​​​​​​. 


Despite this challenge, Solana’s engineering team and community validators quickly identified and rectified the issue, deploying a software update that restored the network to full functionality​​​​.

The price of Solana’s native token, SOL, exhibited remarkable stability during and after the outage, with only a minor dip of 4% observed during the downtime but showing signs of a swift recovery after that. 

Technicals Turn Around for Solana After Downtime

On Friday, February 9, SOL was trading around $105.00, reflecting a positive trend over the week and indicating strong investor confidence in Solana’s long-term value and the network’s ability to manage technical challenges effectively​​​​​​.


Moreover, technical indicators for Solana present an encouraging picture, reflecting its recovery from its recent network downtime.  

Solana technical indicators barometer.
Source: TradingView

The collective behavior of both Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) across various time frames signals a bullish trend. Most MAs suggest a ‘Buy, ‘ which indicates a sustained upward movement, showcasing a positive sentiment surrounding Solana post-recovery.

Despite the overall positive trend indicated by the moving averages, the oscillators remain mostly ‘Neutral.’ Key indicators such as the Relative Strength Index (RSI), standing at 62.05, alongside Stochastic %K, Commodity Channel Index (CCI), and Williams Percent Range, suggest that SOL is balanced, neither overbought nor oversold.

The technical summary for Solana (SOLUSD) tilts towards a ‘Neutral’ to ‘Buy’ sentiment, signaling a cautiously optimistic outlook on the cryptocurrency’s price movement.

On the Flipside

  • Despite the swift recovery, the incident serves as a reminder of the inherent challenges in maintaining a high-performance blockchain network.
  • Technical indicators reflect current market sentiment, not a prediction of future performance. 

Why This Matters

The recent outage on the Solana network is a critical reminder of the technical complexities and challenges of blockchain technology. While the swift resolution and minimal impact on SOL’s value demonstrate resilience, it underscores the importance of ongoing improvements and vigilance.

Read more about Solana’s network outage: 
Solana Outage Post-Mortem Raises More Questions Than Answers

Read more about ransomware attacks last year: 
Crypto Ransoms Soar to Over $1B in Payments: Chainalysis

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.