Binance, the crypto giant, has put a stop to Solana (SOL) withdrawals due to a massive spike in network activity.
Solana’s Lightning Speed, Now a Bottleneck
Solana, known for its super-fast transactions, is facing congestion issues. Binance has temporarily suspended withdrawals since March 4, 2024, to address the problem.
DeFi Boom Fuels Traffic Surge
The surge in Solana’s total value locked (TVL) from $1.65 billion to $2.6 billion has contributed to the network congestion.
Binance Optimizing Network
Binance is working to optimize specific areas of Solana’s infrastructure to clear the traffic jam. They aim to have a solution in place by March 9, 2024.
SOL Price Rollercoaster
SOL’s price has been volatile, reaching $142 last week but retracing to $135.
Analyst’s Bullish Outlook
Crypto analyst KALEO predicts a significant rise in the SOL/BTC trading pair, possibly reaching $200 USD per SOL.
Binance Apologizes
Binance apologizes for the inconvenience and assures users that they are working on a quick resolution.
