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Binance Pauses Solana (SOL) Withdrawals

Binance Pauses Solana (SOL) Withdrawals

The massive cryptocurrency exchange Binance has unexpectedly stopped accepting Solana (SOL) withdrawals because of an enormous spike in network activity. Due to a web of congestion on the Solana blockchain, which is renowned for its swift transactions, Binance has announced a temporary halt of withdrawals, which will take effect on March 4, 2024.

The brief stoppage of withdrawals coincides with the flurry of activity in decentralized finance (DeFi). According to DeFiLlama data, Solana’s total value locked has experienced a stunning increase, rising from $1.65 billion to $2.6 billion in just one month.

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Due to unprecedentedly high transaction volumes on the Solana network, Binance had to make this decision out of necessity, resulting in operational issues that needed to be fixed immediately. (BNB) Binance has focused on particular parts of the Solana network architecture that require optimization to clear the digital traffic bottleneck.

Binance Responds to Concerns About Solana’s Withdrawal

Binance can reassure users that a committed team works nonstop on a comprehensive solution to guarantee regular operations. The exchange has set an aggressive schedule, aiming for March 9, 2024, as the new system’s implementation date.

Notice on the intermittent suspension by binance
Source: Binance

The SOL traders have taken note of the temporary stoppage of withdrawals. With a market valuation of $56.5 billion, the price of SOL, presently holding steady at $127, has seen some volatility.

The price surged to an astounding $142 just last week, representing a gain of more than 40% year to date. However, SOL runs with resistance above $140, which forces a partial retreat to the $135 level.

Seven-day price action for SOL
Seven-day price action for SOL. Coingecko is the source.

 

Reputable cryptocurrency expert KALEO, who presents an optimistic picture of the SOL/BTC trading pair, lends a note of optimism to the research. KALEO predicts a substantial increase in trajectory, similar to the peaks observed in the spring of 2022.

The analyst projects that Bitcoin might reach a possible valuation of USD 200 per SOL, enticing traders and investors to watch the SOL/BTC pair for chances if it can maintain its current trend.

The current value of the cryptocurrency market is $2.43 trillion.
The current value of the cryptocurrency market is $2.43 trillion. TradingView.com char

Binance Issues An Apology

Amidst the ongoing cryptocurrency controversy, Binance pauses to offer its sincere apologies for any trouble the withdrawal suspension may have caused. The exchange highlights its steadfast dedication to providing a flawless trading experience while assuring its user base of a speedy resolution.

The following days will show whether Binance’s optimization efforts and experts’ optimistic projections can put Solana back on track and potentially even take it to new heights in the rapidly evolving world of digital currencies as the cryptocurrency community watches the unfolding drama.

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