Solana gained 13% on Saturday afternoon after facing a week full of technical challenges. Its currently trading at $162 to the USD.
The Solana network faced an extensive 16 hour outage due to transactions overload. The Blockchain was forced to shutdown due to network outages. The outage is an anxious moment for the high throughput network, which has performed well in 2021.
The team has now worked on a fix and has successfully network restarted the Mainnet Beta.
On September 14th the reason was explained in a series of tweets by a Solana (SOL) monitoring twitter handle “Solana Status”
The outage had wiped out more than $20 billion. Solana has recently gained popularity and the momentum almost challenged Ethereum. This network outage put just put the brakes on – only a matter of time before it regains momentum.