Sui Network Resumes Transaction Processing After 2-Hour Outage
Sui Network, a Layer-1 blockchain popularly referred to as Solana Killer, is back online after experiencing a two-hour outage. The technical team behind the L1 blockchain announced the development in the hours leading up to press time, emphasizing that Sui Network is now operational again. Following the quick recovery, validators can now approve transactions on the network. First Major Network Issue For context, Sui experienced its first major network issue today, halting block production for more than two hours. The outage stemmed from an issue within the transaction scheduling logic, which eventually crashed the networks validators.Notably, Sui's official X handle issued a public service announcement confirming its awareness of the network outage. It disclosed that the technical team had identified the issue and would provide a quick fix. Interestingly, it issued another announcement a few minutes later, revealing that the network is back online and processing transactions again. According to the announcement, its community of validators carried out the quick recovery.https://twitter.com/SuiNetwork/status/1859569509687849469Sui and Solana Comparison Launched in May 2023, Sui Network is a decentralized L1 blockchain that allows developers to deploy smart contracts while enabling simultaneous processing of multiple transactions. Many crypto enthusiasts labeled it the Solana Killer because it has not experienced any major outage before now. However, with its recent outage, some critics referred to Sui as the next Solana, referencing the latters history of network disruption. For context, Solana has experienced major outages since its launch in March 2020. Its first technical issue occurred in January 2022, when it suffered a degraded performance. The network experienced other technical problems ranging from mainnet outages to degraded performance between June 1 and September 30, 2022.On February 25, 2023, Solana experienced another network disruption due to cluster instability. According to data from Protos, its most recent outage happened on February 6, 2024.At the time, the technical team did not provide details about the cause of the outage. However, its mainnet went offline for five hours. Since the last issue, Solana has been a beacon of operational stability, not experiencing any network outage for 289 days.SUI Price Action Meanwhile, the price of SUI plummeted heavily immediately after investors learned about the network's recent outage. Specifically, SUI, which was hovering around $3.55 before the incident, crashed 5.63% to an intraday low of $3.35. Following the networks quick recovery, SUIs price rebounded to $3.67, where it trades at press time. Despite this surge, SUI is down 0.26% in the past day. Conversely, the coin has witnessed a weekly increase of 9.42% and a monthly growth of 91.33%. Like most crypto assets, SUI also embarked on a major rally after the U.S. election, hitting an all-time high (ATH) of $3.93 on November 17. Amid the recent surge, several analysts project that SUI could soar above $4 soon, positioning it for a possible climb toward $10 in the long term.Their confidence stems from the coins strong on-chain activity and positive technical signals, including MACD and RSI indicators.
Text source: The Crypto Basic
