Solana (SOL), the price of which exploded recently, has plunged by more than 13% over the last 24 hours due to the ongoing network outage of Solana. The network of Solana is reportedly down for over 11 hours now and the network authenticators are working to restart the network at present.
At the time of writing this article, it has already been 11 hours of Solana (SOL) being offline and not producing blocks. Though the blockchain fix is impending, the prolonged downtime is directly affecting the price of Solana.
Over the past 24-hours trading session, the native coin of Solana, SOL has fallen by over 13% in value, as per the data revealed by leading market data aggregators.
The coin is currently changing hands at $159 and it marked a low of $143 on some exchanges. It is the lowest price level this coin has attained in over a week.
This morning, the network halted the block production and Solana Labs and the community of transaction authenticators have been working to get the blockchain network back online.
In accordance with the Solana Status account on Twitter, the downtime of Solana has been ascribed to a flood of transactions sent from bots, with as many as 400,000 transactions per second.
Due to the downtime and the reaction of the market, the upward momentum of Solana has sort of vanished.
The NFT Collectibles started gaining adhesion on Solana due to projects such as Aurory and Degenerate Ape Academy.
In addition to this, it should be noted that the number of assets locked within Solana Decentralized Finance protocols has risen notably during the above-mentioned span.
Also, it should be noted that the overall crypto market is up by 3% today, as Bitcoin is up 4% to $47,027.