Is the Solana network reliable and working in 2022? Will the outages harm SOL in being bullish again?

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NFT Solana Spaces at Hudson Yards, New York
Preface by Silke Brand | On 30th of September 2022 Solana suffered the most recent big outage. The Solana Mainnet Beta cluster halted when the network was unable to recover from a fork caused by a bug in the consensus algorithm implementation. Block production resumed at approximately 6:57 UTC on Saturday 1st of October 2022 after a coordinated restart, and network operators continued to restore client services over the next several hours. The core team of Solana only explained on 7th October 2022 that the risk of the bug to the netwok had been sufficiently mitigated.

In the Beta Outage Report Solana explains the outage as follows:
“Due to a validator operator’s malfunctioning hot-spare node, which the operator had deployed as part of a high-availability configuration, duplicate blocks were produced at the same slot height. Both the primary and spare validators became active at the same time, operating with the same node identity, but proposed blocks of differing composition. This situation persisted for at least 24 hours prior to the outage, with most of the validator’s leader slots producing duplicate blocks which were handled safely by the cluster. Initially, duplicate blocks were handled by the network as expected. For example, duplicate blocks were produced in slot 153139220 (220) and the cluster reached consensus on one of those blocks before it continued on to slot 153139221 (221), as should happen for duplicate block conflict resolution. However, at the next slot, 221, duplicate blocks were observed again but an edge case was encountered. Even though the correct version of the block 221 was confirmed, a bug in the fork selection logic prevented block producers from building on top of 221 and prevented the cluster from achieving consensus.”

AmbCrypto discusses below why they believe that Solana nevertheless offers a more and more reliable system in the Web3 community.

Solana [SOL] recently faced backlash from the crypto community because of the outages in the second half of 2021 and first half of 2022. These mishaps raised several questions from the Web3 community related to the reliability of the Blockchain.

However, in a recent report published by Solana, a few points were mentioned that suggested that the blockchain’s reliability was unharmed. For instance, network uptime stands as an important factor to understand a blockchain’s reliability, and SOL’s uptime was over 99% consistently. Furthermore, the blockchain even touched the 100% mark in July 2022, which was commendable.

2022 looking good 

The report also mentioned several upcoming projects and plans for Solana that looked quite promising for the network. Solana revealed that there are plans to make QUIC the default transaction ingest and forwarding protocol on Mainnet-beta starting with the 1.13.4 validator client release. Furthermore, this release was currently live on most validators and RPC nodes in Mainnet-beta.

Interestingly, according to the report, Solana’s testnet, on 22 September, exceeded its previous record for transaction throughput by surpassing 24,000 transactions per second.

All these developments were reflected on SOL’s chart as it became one of the top gainers in the Solana ecosystem over the last seven days.

According to CoinMarketCap, on 1st November 2022, SOL was trading at $32.66 with a market capitalization of more than $11.7 billion. Investors might have even better days ahead as the market indicators were in favor of a continued price surge in the coming days.

Source: CoinMarketCap

Cheering on the bulls…

SOL’s daily chart painted a bullish picture for the token as it revealed the possibility of a continued uptrend in the coming days. The Exponential Moving Average (EMA) Ribbon displayed that the bulls might soon leave the bears behind. The chart also revealed that SOL bulls may gain an advantage in the market as the 20-day EMA was fast approaching the 55-day EMA.

The Relative Strength Index (RSI) registered a very slight uptick, which was a bullish signal. Additionally, SOL’s Money Flow Index (MFI) was also resting above the neutral mark. Nonetheless, the Chaikin Money Flow (CMF) witnessed a slight downtick. This may act as a barrier in SOL’s uptrend.

Source: TradingView

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