Binance due to high activity on the network solana announced that it would suspend withdrawals for SOL remains strong with a price of $131 and a market cap of $58 billion. Transaction volume increased by over 100% in the last 24 hours.
Binance announced that withdrawals on the Solana (SOL) network will be suspended intermittently starting March 4, 2024. This decision was due to an increase in transaction volumes on the network, which led to congestion issues.
Binance announced that it has identified areas that require improvements in its network infrastructure to enable smoother transactions. The exchange emphasized that it is working effectively to address these concerns and is committed to providing a stable and permanent solution to withdrawal issues.
According to Binance, the estimated implementation date will be March 9, 2024, at 21:00 (Turkish time). This set timeline aims to reduce disruptions and normalize SOL withdrawals for Binance users.
Binance apologized for the inconvenience caused by the temporary suspension and emphasized its commitment to resolve the matter immediately.
What’s Happening in Solana Price?
Last week, Solana (SOL) price rose as high as $142, extending its year-to-date gain to over 40%. However, SOL is currently facing resistance above $140 and it has partially declined to $135.
In a recent market analysis, crypto analyst KALEO claimed that he sees a bullish trend for the SOL/BTC trading pair and is poised for a significant upward move reminiscent of the spring 2022 highs.
According to KALEO’s assessment, as long as Bitcoin prices maintain their current range, the expected trajectory for SOL against BTC could be a valuation that could potentially reach up to $200 per SOL. Some market analysts also expect Solana (SOL) price to rise to an all-time high in the near future. they are waiting.
$LEFT / $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
— KALEO (@CryptoKaleo) March 5, 2024
This prediction comes amid ongoing volatility in cryptocurrency markets and highlights the complex relationship between Bitcoin and altcoin performance. KALEO’s analysis provides insights into potential opportunities for traders and investors following the SOL/BTC pair.
