Binance temporarily halts all Solana withdrawals

• Binance has suspened withdrawals to the Solana network amid issues of increased volumes.
• The exchange expects normal services to resume by March 9, 2024.
• Binance, Coinbase and Kraken are among exchanges to experience issues as crypto rallied amid Bitcoin’s run to a new all-time high on Tuesday.

Binance is temporarily halting all withdrawals to the Solana (SOL) network, according to an announcement the world’s largest crypto exchange published today.

Per the exchange, normal operations are likely to resume by March 9.

“Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution. The estimated implementation date of the solution is 2024-03-09 18:00 (UTC),” Binance announced.

As well as Binance, other exchanges to experience increased transaction traffic and issues include Coinbase, Kraken and Bybit. The exchanges have reported huge volumes as Bitcoin price exploded in recent weeks to spark altcoin gains.

SOL price outlook

The news of Binance’s halt of SOL withdrawals coincided with a drop in the price of Solana (SOL), with the altcoin’s value dropping to lows of $117.

However, this happened as the broader crypto market looked to bounce alongside Bitcoin (BTC). The flagship cryptocurrency traded above $67,000 on Wednesday morning, back to winning ways following its sharp drop post new all-time high above $69,000 reached on Tuesday, March 5, 2024.

SOL is back above $130 and looking to retest recent highs above $140.