Update 2: The official PlayStation Twitter announced just now that PSN services have been restored.
We’ve verified that PSN services have been restored. Thanks for your patience!
— PlayStation (@PlayStation) June 25, 2014
So, try going online now and everything should be working just fine.
Update: The Ask PlayStation Twitter account has been replying to people by saying, “We don’t have an estimate time [when the PSN will be back up], we are working to solve the issue as soon as possible, please keep trying.”
Original Story: Over the last thirty minutes or so, people on Twitter, Reddit, and other sites have reported that the PlayStation Network is down, resulting in them unable to connect online, with “nw-31201-7” popping up as the error code.
While it did take some time, Sony updated their PSN Status site to say the PSN is “experiencing issues.” They then added the following:
The PlayStation Network is currently experiencing high volume and users may experience issues when connecting to the service. We will update you with any changes that may occur in regards to this issue. Thank you for your patience.
We’ll keep you updated on the status of the PSN, but if you notice it’s back up an running, please let everyone know in the comments below.