24/7 Cryptocurrency News

Breaking: Binance Suspends Solana Withdrawals Temporarily, Here’s Why

Binance acknowledges areas in Solana network infrastructure needing optimization for smoother operations. SOL price remains stable.
Published by
Breaking: Binance Suspends Solana Withdrawals Temporarily, Here’s Why

Highlights

  • Binance cites network congestion issues to halt SOL withdrawals on the platform.
  • Binance said that it's working on the fix and shall resume withdrawals very soon.
  • SOL price remains stable with the SOL/BTC pair hinting at strong bullish action.

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, at 18:00 (UTC). This targeted timeline aims to mitigate disruptions and restore normalcy to SOL withdrawals for Binance users.

Binance also apologized for any inconvenience caused by the temporary suspension, emphasizing its dedication to resolving the matter promptly.

SOL Price Action

Last week, the Solana (SOL) price rallied all the way to $142 extending its year-to-date gains to more than 40%. However, SOL faces resistance above $140 and has retraced partially to $135 as of now.

In a recent market analysis, respected crypto analyst KALEO has indicated a bullish outlook for the SOL/BTC trading pair, suggesting that it appears poised for another significant upward movement reminiscent of the highs witnessed in the spring of 2022.

According to KALEO’s assessment, if Bitcoin prices maintain their current range, the anticipated trajectory for SOL against BTC could potentially translate to a valuation approximating $200 USD per SOL. Some market analysts are also expecting the Solana (SOL) price to make new all-time highs soon.

This projection comes amidst ongoing fluctuations in cryptocurrency markets and underscores the intricate relationship between Bitcoin and altcoin performance. KALEO’s analysis offers insights into potential opportunities for traders and investors eyeing the SOL/BTC pair.

Data from DeFiLlama reveals a significant surge in Solana’s total value locked, reaching $2.7 billion compared to $1.67 billion precisely one month earlier. The leading contributors to this growth are Marinade with $1.4 billion, followed by Jito with $1.12 billion, and Marginfi with $649 million locked in their respective platforms.

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025