Binance has suspended withdrawals for Solana due to high network activity causing congestion with Solana price remaining stable.
As a result of the high level of network activity, the cryptocurrency exchange Binance announced that it would be banning withdrawals for the cryptocurrency known as Solana (SOL).
Currently, the price of Solana (SOL) has remained unchanged at $131, and its market capitalization is now at $58 billion. A remarkable 100% increase in the 24-hour trading volumes for Solana has brought the total to $9.5 billion.
Binance Suspend Solana Withdrawals Temporarily
Binance announced the suspension of withdrawals on the Solana (SOL) network since March 4, 2024. The increase in the number of transactions on the network caused congestion problems which led to the decision.
The cryptocurrency exchange Binance has revealed that it has discovered some areas within the network architecture that require optimization to ensure that operations run more smoothly.
The exchange stated that it actively addresses these concerns and is committed to providing a stable and long-lasting solution to the withdrawal challenges.
According to Binance, the solution is expected to be implemented on March 9, 2024, at 18:00 (UTC). This is the predicted date. The goal of implementing this targeted schedule is to reduce disruptions and get Binance users’ SOL withdrawals back to normal.
In addition, Binance expressed regret for any difficulty that the interim suspension may have caused and emphasized its commitment to resolve the issue as quickly as possible.
Over the previous week, the price of Solana (SOL) surged up to $142, bringing its gains for the year to date to more than 40%. As of this moment, SOL faces resistance above $140 and has retraced to $135.
The well-respected cryptocurrency analyst Kaleo has recently provided a market analysis in which he expressed an optimistic prognosis for the SOL/BTC trading pair.
The pair seems poised to experience another significant upward movement reminiscent of the highs observed in the spring of 2022.
According to the analysis conducted by Kaleo, the predicted trajectory for SOL about BTC may potentially equate to a valuation of approximately $200 per SOL if Bitcoin prices remain within their present range.
At the same time, some market professionals anticipate that the price of Solana (SOL) will soon reach new all-time highs. This estimate comes at a time when cryptocurrency markets are experiencing constant volatility, and it highlights the complex relationship that exists between Bitcoin and the performance of alternative cryptocurrencies.
Kaleo’s analysis provides traders and investors interested in the SOL/BTC pair with information about potential opportunities that may be available to them.
The total value locked for Solana has substantially increased to $2.7 billion from $1.67 billion precisely one month earlier, according to DeFiLlama. Marinade, with a total of $1.4 billion, is the most significant contribution to this expansion.
Jito, with a total of $1.12 billion, and Marginfi, with a total of $649 million locked in their respective platforms, are the following two significant contributors.