As the Solana network faces challenges with increased transaction volumes, Binance, the world’s largest cryptocurrency exchange, has decided to suspend withdrawals to the Solana network temporarily. The exchange anticipates that regular services will resume by March 9, 2024.
According to Binance’s announcement, withdrawals on the Solana (SOL) network have been intermittently suspended due to the spike in transaction volumes. Binance is working on optimizing certain areas to provide a stable and long-term solution, with an estimated implementation date of March 9, 2024, at 18:00 (UTC).
Other exchanges, including Coinbase, Kraken, and Bybit, have also encountered increased transaction traffic and issues amidst the recent surge in Bitcoin’s price, leading to gains in altcoins.
SOL Price Movement
Following Binance’s decision to halt SOL withdrawals, the price of Solana (SOL) experienced a decline, dropping to $117. However, this occurred as the broader crypto market, led by Bitcoin, showed signs of a rebound. Bitcoin’s price surged above $67,000, recovering from a dip after reaching a new all-time high above $69,000 on March 5, 2024.
SOL has since climbed back above $130 and is eyeing a retest of recent highs above $140.
FAQs
Why did Binance halt Solana withdrawals?
Binance temporarily suspended withdrawals to the Solana network due to the increased transaction volumes, aiming to optimize the network for stability and provide a long-term solution.
When will normal operations resume on Binance for Solana withdrawals?
Binance expects to resume normal operations for Solana withdrawals by March 9, 2024, at 18:00 (UTC).