unable to connect to adb.check the event log for a possible issue, verify that localhost entry is pointing to 127.0.0.1 or:: 1 for ipv4 or ipv6
Delete the platform-tools folder from the sdk and replacing with the same from your another pc. I am also facing this problem after updating to 3.4. If you face same problem please update to Android Studio 3.5 Canary Channel.
When you update Sdk platform tools(which contains adb.exe) to release 28.0.2 and if you are using windows 8.1 then it needs few updates from windows.
As per SDK Platform tools release notes(https://developer.android.com/studio/releases/platform-tools):
Updated Windows requirements : The platform tools now depend on the Windows Universal C Runtime, which is usually installed by default via Windows Update. If you see errors mentioning missing DLLs, you may need to manually fetch and install the runtime package."
Windows update url: https://support.microsoft.com/en-ca/help/2999226/update-for-universal-c-runtime-in-windows
Prerequisite for Windows update url: https://www.microsoft.com/en-us/download/details.aspx?id=42327
Faced the exact same issue but after updating with prerequisite url first then the other url provided now it is working perfectly fine for me.
Actually the problem is not with the android studio version 3.4 Problem is with the android platform tools version which is latest one 29.
So install the previous version of the android platform tools version it will solve your problem. as above @Ved mentioned.
Ved link: https://dl.google.com/android/repository/platform-tools_r26.0.0-windows.zip
This worked for me on Windows:
Goto cmd write %temp% hit enter -> delete all data from there.
Restart your Computer.
Open Android Studio now, it will work.
Clear all cache memory (related to Android Studio)
Restart ADB manually from Android Studio (first option)
Open Command prompt and got android sdk>platform-tools> adb kill-server
press enter
and again adb start-server
press enter
go to your (SDK store path) sdk>platform-tools>adb
press enter
ex. D drive > sdk>platform-tools>adb
The reason is for ADB server problem. Simply re-run your adb.
(Go to your SDK folder then inside platform-tools folder you can see adb.exe. copy the path location and paste it in your computers system Environment variable. Set a new path there and paste the adb.exe file location there. hope it will solve )