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Solana network outage: SOL token price under pressure after PoS blockchain goes down again

By Alara Jordan

Edited by Charlie Mellor

12:47, 3 October 2022

A cryptocurrency coin bearing the Solana name and icon
The network was down for at least six hours – Photo: Shutterstock

Proof-of-stake (PoS) network Solana (SOL) faced a significant outage on Friday 30 September that saw the blockchain down for at least six hours due to a misconfigured node.

Solana Status took to Twitter shortly afterwards to confirm that the issue had been identified and a solution was being implemented.

It said at the time: “The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network.”

The price of SOL fell from $35.08 at one point on 30 September to $32 on 1 October. Earlier today, the network’s native token SOL was down 4% in the last 24 hours, but it has since risen 0.21% to $32.54.

SOL to USD

SOL/USD

170.96 Price
+0.590% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.60 Price
+3.390% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.13 Price
+8.240% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,510.44 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Network issues throughout the year

Solana has suffered several outages in the past year with users highlighting the blockchain’s weak network as the cause. Outages took place almost consistently each month earlier this year with the PoS network going down in April, May, June and July.  

Users on Twitter however were divided by the news of the outage and criticism of the network as some said the blochcain is trying to consistently improve along with its developers and engineers. To date, Solana’s network has gone down around eight times since its launch. 

SOL’s price has faced a continous decline in 2022, shedding a signficant portion of value since the beginning of the year. SOL was trading around $171 at the start of January, but as of 3 Octoeber its current price was trading at around $32.

Solana later confirmed the latest outage was resolved at 07:00 UTC on 1 October. 

Markets in this article

SOL/USD
Solana / USD
170.9584 USD
0.9921 +0.590%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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