Binance cites network congestion issues to halt Solana withdrawals on the platform.
Binance stated that withdrawals will soon resume as it works on a remedy.
The price of SOL is still steady, and there are bullish, solid indications in the SOL/BTC pair.
In light of increased network activity, cryptocurrency exchange Binance recently announced stopping withdrawals for Solana (SOL). The market capitalization of Solana (SOL), which is currently trading at $131, is stable. Solana’s 24-hour trading volumes have also increased by an astounding 100% to exceed $9.5 billion.
Binance Temporarily Stops Withdrawals of Solana (SOL)
Since March 4, 2024, Binance has stated that Solana (SOL) network withdrawals will be periodically suspended. The decision was made in response to network congestion caused by increased transaction volumes.
Binance has revealed that it has determined which parts of the network infrastructure need to be optimized to guarantee more seamless operations. The exchange went on to say that it is dedicated to offering a long-term, solid solution to the withdrawal issues and actively addressing these worries.
According to Binance, the estimated implementation date for the solution will be March 9, 2024, at 18:00 (UTC). With this specific schedule, we hope to minimize inconveniences and get SOL withdrawals back to normal for Binance users.
In addition, Binance expressed regret for any inconvenience the temporary suspension may have caused and emphasized its commitment to swiftly resolving the issue.
Price Action for SOL
The price of Solana (SOL) surged to $142 last week, bringing its year-to-date gains to almost 40%. However, SOL has encountered resistance above $140 and has retraced mainly to $135.
In recent market research, reputable cryptocurrency analyst KALEO has expressed a bullish prognosis for the SOL/BTC trading pair. According to KALEO, the pair looks ready for another significant upward rise that will remind investors of the highs in the spring of 2022.
Based on KALEO’s analysis, if Bitcoin prices stay within this range, the expected path for SOL relative to BTC may result in a valuation of about USD 200 per SOL. Some market analysts predict the cost of Solana (SOL) to reach new all-time highs shortly.
This estimate comes amidst continued volatility in cryptocurrency markets and emphasises the delicate interplay between Bitcoin and altcoin performance. KALEO’s analysis provides insights into possible opportunities for traders and investors interested in the SOL/BTC pair.
$SOL / $BTC looks ready to make another leg up back to the Spring ‘22 highs.
If Bitcoin prices stick in their current range that would equal a price somewhere around $200 USD per SOL.
Long it with me here: https://t.co/32dHnZIFxS pic.twitter.com/5LKOVqbnNz
— K A L E O (@CryptoKaleo) March 5, 2024
DeFiLlama data shows that Solana’s total value locked increased significantly to $2.7 billion from $1.67 billion one month prior. The most significant contributors to this expansion are Marinade with $1.4 billion, Jito with $1.12 billion, and Marginfi with $649 million secured in their respective platforms.
