Coinbase, one of the largest U.S.-based cryptocurrency exchanges, reported a system-wide outage in its services, affecting customers’ crypto operations. On its status site, Coinbase stated that it was aware that “some users may experience failures when sending crypto or withdrawing fiat,” and declared it was working to fix this issue. Later, the exchange recognized experiencing […]
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Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge
In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.
Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed.
Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said.
There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…
— Kaal (@kaaldhairya) April 22, 2024
Shiba Inu Price Unfaced
The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks.
Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle.
At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at .00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed.
A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts.
This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended.
If SHIB battles above the extended lower trendline, the case for an imminent surge grows stronger, potentially leading to a rally towards the Fibonacci levels of 0.382 (.00002867), 0.5 (.00003203) and 0.618 (.00003527).
Avalanche Blockchain Faces Outage Amid Inscription Wave: AVA Labs Investigates
The Avalanche blockchain has encountered a disruption due to a “stall in block finalization.” AVA Labs’ co-founder, Kevin Sekniqi, suggested that the problem might stem from a recent surge in inscriptions. Avalanche Hits Snag as Block Finalization Stall Disrupts Service Avalanche (AVAX) is grappling with a service interruption, echoing challenges previously seen on the Solana […]
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Vaneck Exec States Solana Outage Might Have Been Manually Triggered
Matthew Sigel, head of digital assets research at Vaneck, revealed that there is speculation around the cause of the latest Solana outage, which stopped its blockchain by five hours. Sigel explained that the bug that created this service interruption was related to the Berkley Packet Filter (BPF) and that it might have been manually triggered. […]
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From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing
Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price, dropping to .36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at 1.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours.
Solana: Price Stagnation, Surge, Outage Recovery
Amidst weeks of relative price stagnation, where SOL fluctuated between and , Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture.
The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability.
Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.
The outage began at approximately…
— Solana Status (@SolanaStatus) February 6, 2024
Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance.
Solana outage, what happened?
BPF loader, the “Berkley Packet Filter,” which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a…— matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024
This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a network upgrade. The Solana Foundation attributed the problem to the extensive use of “custom block-forwarding software” by various applications.
Despite occasional outages, Solana has experienced a surge in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, signaling growing interest and adoption. The recent network outage may have impacted investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve rapidly.
Solana: Price Projections, Stability Concerns Persist
Based on the latest price predictions, Solana’s price is expected to fluctuate between and 9 in February 2024. The price is predicted to rise to 0 in 2025 and reach an all-time high of 5 in 2027. Market analysts and experts predict that Solana is expected to cross a price level of 7 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate.
Investors and enthusiasts are closely watching Solana’s trajectory as it strives to establish itself as a mainstay in blockchain ecosystems. The forthcoming root cause report from the Solana Foundation is eagerly anticipated, offering insights into the outage and potentially addressing concerns about the network’s stability.
As Solana navigates through these challenges, its ability to recover and sustain an upward trajectory will be closely monitored, playing a pivotal role in shaping its future amid the competitive cryptocurrency landscape.
Featured image from Adobe Stock, chart from TradingView
Cardano Founder Takes Jab At Solana After Major Outage
On Tuesday, the Solana blockchain experienced a major outage that stopped the network’s mainnet operations for approximately 5 hours. The outage raised concerns about the blockchain’s stability and security as the incident became the 11th of the kind in the last 2 years.
Kicking Solana When It’s Down?
On February 6, the Solana blockchain network suffered a significant outage that lasted 4 and 46 minutes and disrupted the network’s operations, raising doubts about the blockchain and exposing the project to fierce criticism.
The crypto community took no time to share their thoughts about the situation, with many crypto investors referring to memes and jokes to express their concerns about the history of Solana’s outages.
Among the online voices, Cardano’s Founder, Charles Hoskinson, took the opportunity to poke fun at the situation by referencing his previous jokes about the network. Hoskinson replied to the Solana team’s announcement simply stating, “This always works,” and attaching a gif of a man blowing a malfunctioning video game’s cartridge before inserting it back into the console.
This always works https://t.co/5kVRVGFM4l pic.twitter.com/X9yJXcETQn
— Charles Hoskinson (@IOHK_Charles) February 6, 2024
Members of the crypto community found the remark amusing. One user brought forward previous sarcastic comments that the Cardano founder made during an Ask Me Anything (AMA) session two years ago.
Hoskinson trolled the AMA viewers by claiming collaboration between the two networks was possible. He started saying, “You know, collaboration with Solana would make a lot of sense…” before recalling a story of his brother owning a successful Nintendo repair shop and comparing the blockchain to a broken gaming console.
So I was thinking since you know Solana comes from that world, that maybe there’s some legacy there, you know, we can figure out how to turn it on and off, taking it out on the cartridge, these types of things. I don’t know, it might be possible.
Hoskinson finished the statement by mockingly suggesting that the collaboration wouldn’t happen, he said “But my brother doesn’t do Nintendo stuff anymore. He’s a doctor.”
"Collaboration with Solana would actually make a lot of sense." @IOHK_Charles
Perhaps #Solana can become a partner chain? #Cardano pic.twitter.com/8Vp0NMNl7a
— St₳kΣ with Pride
(@StakeWithPride) February 6, 2024
Besides Cardano’s founder, Wall Street veteran and journalist Max Keiser also criticized the Solana team’s announcement in reply. Keiser called SOL, Solana’s native token, “centralized garbage” and took the opportunity to also shoot at coins like ETH, ADA, and BNB.
Solana Swiftly Recovers
Recently, Solana’s DeFi ecosystem made the headlines after the Solana-based decentralized exchanges (DEXs) daily trading volume surpassed Ethereum’s for the second time, according to data from DefiLlama, hinting at healthy growth and development in the Solana ecosystem.
Despite the doubts and concerns of crypto investors during the outage, SOL’s price recovered from the initial drop and has recovered 1.8% in the last 24 hours, according to data from CoinGecko. At the time of writing, SOL is trading at .
Solana Faces First Outage of the Year; Engineers Deploy Fix as SOL Dips 3%
The Solana layer one (L1) blockchain is currently experiencing a service disruption, with the Solana Status website revealing that engineers are actively probing the cause. Validators on mainnet have received instructions to implement an upgrade to version 1.17.20 and to initiate a system reboot.
Solana Network Experiences Disruption, Prompting Urgent Upgrade and Reboot
Presently grappling with its first outage of the year, Solana has otherwise maintained a 99.8% operational status over the preceding 90 days, notwithstanding the interruption. This setback is part of a series of disruptions that Solana has encountered in 2020, 2021, and 2022, during which times the blockchain was offline for extended periods, unable to generate blocks.
An initial status update, tagged “mb-020624” on the Solana Status web portal, indicates that the development team is delving into the problem. Additionally, updates regarding the situation have been communicated to the public via the Solana Status X account.
“Engineers from across the ecosystem are readying a new validator software release, which includes a patch to address an issue which caused the cluster to halt,” the Solana Status X account posted. “Validator operators should prepare for an upgrade and restart of the network.” The social media account associated with Solana added:
Mainnet validator operators: release version v1.17.20 is ready — please upgrade and restart.
The operator of the X account further left a Github page with instructions on how to restart. Solana’s native crypto asset SOL dipped more than 3% on the news trading for just over per unit. SOL is the fifth largest crypto asset by market capitalization valued at .12 billion on Feb. 6, 2024.
What do you think about the Solana network outage? Share your thoughts and opinions about this subject in the comments section below.
Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%
The Solana blockchain network is currently experiencing an outage, marking its 11th such incident in the past two years. As of the latest updates, Solana’s mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill.
Solana Network Comes To A Standstill
The issue was first noticed when Solscan and OKLink, two prominent block explorers, indicated a lack of new transactions on the network. The last recorded transaction was at 9:52 am UTC. Upbit, a crypto exchange, subsequently announced the suspension of deposits and withdrawals for SOL and several other tokens, citing the ongoing disruption.
Solana’s team acknowledged the situation through an incident report. “Engineers from across the ecosystem are investigating an outage on mainnet-beta,” they stated, confirming the incident but not providing details on the cause.
Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9
— Solana Status (@SolanaStatus) February 6, 2024
Laine, a blockchain software company and validator for Solana, provided further insights into the technical challenges being faced. “Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed,” Laine explained.
They also mentioned that engineers are working on a potential fix, but it remains uncertain if a coordinated cluster restart will be necessary. “Engineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators,” the team said.
Adding to the updates, SolanaFloor reported, “UPDATE: Validators have begun generating snapshots using their local ledger state to prepare for a restart. Solana ecosystem Core engineers are still preparing the remediation build release for the outage.”
This incident marks the first outage since February 2023, as per Solana’s status page. Notably, the platform faced multiple outages in 2022 due to node issues, with a significant disruption in September 2021 that lasted nearly 18 hours.
The recurrent outages have drawn criticism from industry experts. Charles Edwards, founder of Capriole Investments, remarked on the decentralization aspect, stating, “Solana’s 11th outage in the last 2 years. This is not what decentralization looks like.”
Buy The SOL Price Dip?
The market response to this latest event has been mixed. Crypto analyst Gumshoe offered a nuanced view, suggesting that while the outage is negative news, it could ironically backfire on those who short the token late:
“Solana down is obviously bad, but nothing new
– All the SOL haters now have a catalyst to short
– We’re in a choppy market, this is a clear trading signal
– Everyone is hungry for money, will revenge trade
This can ironically go very wrong for late shorts”
Pentoshi, another renowned analyst, advised patience, noting that the market is currently consolidating and that investors should not rush into decisions based on the anticipation of constant breakouts:
Market chopsolidating. People trying to catch breakouts on some of these expecting trend continuation daily. […] I don’t think it goes as low as I had shown originally but likely to -78 at some point.
At press time, the Solana (SOL) price experienced a slight downtrend following the incident, dropping by as much as 3%. A closer examination of the 1-week SOL/USD chart reveals that the recent setback represents only a minor deviation in the broader market trajectory.
On the upside, the SOL price is currently encountering resistance at the 0.382 Fibonacci retracement level (7.75). This level serves as a key threshold that could determine the future bullish momentum of SOL. Conversely, on the downside, critical support is found at the 0.236 Fibonacci level, which is valued at .6.
Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline
Arbitrum (ARB), a prominent Ethereum scaling solution, encountered a significant downtime event on December 15, according to the network’s status page.
The incident prompted an immediate investigation into the root cause and the deployment of a fix. As of the time of writing, the Arbitrum One network remained inaccessible for over 60 minutes due to sequencer and feed issues.
Arbitrum Struggles With Network Downtime
The status update from Arbitrum acknowledged the problem, stating that the Arbitrum One Sequencer and Feed stalled at 10:29 AM ET amidst a notable surge in network traffic.
Notably, Martin Köppelmann, co-founder of Gnosis, alleged that the outage experienced within the Arbitrum network was a result of ordinals. Köppelmann remarked that the stress testing of various blockchains using ordinals had led to the disruption, stating, “Ordinals stress testing various blockchains is certainly entertaining to watch. Now they brought the Arbitrum sequencer down.”
In addition to the sequencer and feed issues, Arbitrum also encountered a halt in block production, ceasing to generate new blocks approximately 1.5 hours ago. The impact of this stoppage on the network’s overall functionality and transaction processing remains a concern for users and stakeholders.
The investigation into the root cause of the downtime is crucial for understanding the underlying technical issues and preventing similar disruptions in the future. Users and industry participants eagerly await the post-mortem analysis from Arbitrum, which will provide a detailed account of the incident and the proposed remedial measures.
ARB Thrives Despite Market Volatility
Over the past 24 hours, the ARB token experienced a decline of 4.94%, reflecting short-term market fluctuations. However, the token has demonstrated relative stability when considering its performance over longer timeframes.
In the last 180 days, ARB has shown a significant growth of 17.76%, indicating a positive trend for long-term investors.
According to Token Terminal data, Arbitrum currently boasts a circulating market capitalization of .49 billion, with a fully diluted market capitalization of .69 billion.
Revenue generated by the project has experienced significant growth over the past 30 days, with a notable increase of 68.00%. The revenue projection on an annualized basis stands at .97 million, highlighting the project’s ability to generate sustainable income.
Moreover, Arbitrum has witnessed a rise in active users, with a daily average of 166.37 thousand participants over the past 30 days. This growth in user adoption suggests increasing interest and utilization of the Layer 2 scaling solution.
Featured image from Shutterstock, chart from TradingView.com
Solana Below $40 Amidst Network Outage, Are The Bears Back?
Solana is on a downtrend currently, price of the altcoin has slid below the vital support line of . This downslide comes in the middle of a network outage, yet again! A software glitch was responsible for causing an outage that lasted over 4 hours.
Solana had also experienced another major outage in the month of January which stretched over 18 hours. This has apparently affected the Solana ecosystem as constant outages causes traders to lose their portfolio value simultaneously.
Over the last 24 hours, the altcoin lost about 6.4% of its value. In the last week, SOL depreciated over 12%. After a period of consolidation, SOL attempted to rise but the bears came back soon after. Right after the altcoin lost its critical support of , it has been constantly value ever since. Buying strength has also dropped owing to the recent downtrend.
Solana Price Analysis: One Day Chart
Solana was priced at on the one day chart | Source: SOLUSD on TradingView
SOL was trading at at the time of writing. It lost its crucial support of and was on a downtrend. If SOL does not manage to stay at its current price level, it might aim for . The coin touched these price levels last at the month of August 2021. The descending trendline (yellow) agrees with downtrend in the market.
For the bulls to accumulate in order to invalidate the bearish thesis, the coin has to attempt for . The volume of the coin traded had declined and was in the red. This reading signified bearish dominance in the market.
Technical Analysis
Solana registered a fall in buying strength on the one day chart | Source: SOLUSD on TradingView
SOL had attempted to briefly recover on the Relative Strength Index but at the time of writing the indicator noted a downtick. The Relative Strength Index was slightly above the oversold zone but pressure from the bears can cause SOL to become oversold.
As the sellers have taken over the market, the coin has fallen below the 20-SMA line. A reading below the 20-SMA line indicated that the sellers were driving the price momentum in the market. A slight push from the bulls could however, drag the price of SOL above the 20-SMA, which would then ease the selling pressure in the market.
Related Reading | Solana (SOL) Could Register An Upswing, Thanks To This Pattern
Solana flashed buy signal on the one day chart | Source: SOLUSD on TradingView
The Bollinger Bands responsible for depicting price volatility indicated that there was a squeeze release. A squeeze release essentially means that price volatility could be expected. Price of Solana could sway either way considering the above chart has painted mixed signals.
The Awesome Oscillator depicts the current price momentum and also a change in the same. The indicator flashed green signal bars which indicated a change in the momentum along with a buy signal.
A buy signal can be considered bullish if traders act on it.
Going by other indicators, it seems though SOL might be stuck in the same price action over the immediate trading sessions. A change can be expected if broader market extends support.
Related Reading | Can Bitcoin Bounce Back To K? Here’s What Stands In The Way