Solana stands out as one of the few altcoins surpassing Bitcoin’s performance this week, reclaiming a position above $102 despite Bitcoin’s 3% surge in value.
Notably, $SOL / $BTC has seen a 4.5% increase in the last 36 hours alone.
Earlier this week, on Tuesday, February 6, the Solana blockchain network faced a significant disruption, experiencing five hours of downtime.
📈 #Solana is one of the few #altcoins outperforming #Bitcoin this week, surging back above $102. In the past 36 hours, $SOL / $BTC is +4.5%. The outage that concerned traders Monday ended up being a local bottom, with the #FUD fueling this price rebound. https://t.co/lUC0DBS5B3 pic.twitter.com/1NTk5R4QBj
— Santiment (@santimentfeed) February 8, 2024
However, what initially alarmed traders turned out to be a local bottom, and the subsequent price recovery was driven by the FUD surrounding the outage.
Solana Developers Addressed The Problem And Token Surges
The downtime stemmed from an issue within the BPF loader, responsible for managing programs on the Solana network.
To address the problem, developers promptly released an update to v1.17.20, and validator operators initiated a cluster restart.
Developers have since rewritten the BPF code lines on the development network, effectively resolving the issue.
Despite the network outage and resulting concerns, Solana’s development activity has reached its peak, indicating a resilient response from the community amid the FUD surrounding the SOL network outage.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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