The highly embraced blockchain, whose cryptocurrency price-performance grabbed the attention of several within the crypto space, has seen its worst, as technical glitches overrode the network and plummeted the SOL’s price by 25 percent from its all-time high seen last week.
Information from the team behind the project reveals that the technical glitch arose from a load of transactions processed on the network, which surged to 400,000 transactions per second. Although, the company had earlier said it was because of the intermittent instability.
This incidence led to forking and made some nodes inactive. After realizing this, the network validators’ only option was to restart the blockchain which they successfully did.
Reactions Trail Solana Blackout
While Solana’s crash appears surprising to some, experts expressed different opinions about the incident despite its recent trade-up, which they said is nothing to worry about.
One of those who commented on the crash, George Harrap, co-founder of Step Finance, a platform that tracks positions for Solana and other networks, said, “This is an early teething problem for all blockchains.”
He added that the second-largest network, Ethereum, was once like that, “Ethereum experienced this in 2016. These are normal growing pains for any blockchain, and the influx of new Solana users wanting to capitalize on the burgeoning Solana opportunities contributed to this event.”
Solana, widely considered as ‘Ethereum killer,’ has done tremendously in recent months and has attracted several investors. It recently found a position among the top 10 crypto assets, overtaking Dogecoin, Polkadot, and XRP.
It made a significant record recently in NFT with the sale of Degenerate Apes NFT collection sold. Per CoinMarketCap, it is the now the 7th largest crypto asset by market cap.