The developers behind the Solana blockchain are currently investigating the root causes of this issue and implementing urgent measures to restore the network’s functionality.
Just In: As per reports from Solscan and OKLink block explorers, the Solana blockchain is suspected to be down, with the most recent transaction being stuck at 17:52 UTC+8. https://t.co/smgzwYMOiQ
Due to the interruption, Upbit has announced an indefinite suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS…
— Wu Blockchain (@WuBlockchain) February 6, 2024
Against the backdrop of this two-hour downtime, the Upbit cryptocurrency exchange has declared an indefinite halt to deposits and withdrawals of SOL, GMT, RAY, and ACS.
The network failure has already caused a decline in Solana’s market value from $96.7 to $93.3. However, at 15:52 Moscow time, the price of SOL shows signs of recovery, reaching $94.17.
Within the past 24 hours, the price of the Solana cryptocurrency has dropped by 3.7%. On a weekly basis, SOL has seen a decrease in value by over 11%.
Prior to this incident, The Block Data Dashboard, an analytical portal, reported that the transaction volume on the Solana network surpassed $951 billion in January. To provide perspective, the transaction volume in December amounted to $738.8 billion.