In a recent development, crypto exchange Binance that it would be suspending withdrawals for Solana (SOL) amid high network activity. Currently, the Solana (SOL) price remains steady trading at $131 with a market cap of $58 billion. Also, the 24-hour trading volumes for Solana have surged by a staggering 100% to over $9.5 billion.
Binance Halts Solana (SOL) Withdrawals Temporarily
Binance has announced the intermittent suspension of withdrawals on the Solana (SOL) network since March 4, 2024. The decision was prompted by a surge in transaction volumes on the network, leading to congestion issues.
Binance has disclosed that it has identified areas within the network infrastructure that require optimization to ensure smoother operations. The exchange added that it is actively engaged in addressing these concerns and committed to providing a stable and enduring solution to the withdrawal issues.
According to Binance, the estimated implementation date for the solution will be March 9, 2024
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