- Solana’s price surged 11.23% in 24 hours, hitting $236.38 amid high trading activity.
- Binance and Coinbase report SOL transaction delays due to network congestion.
- Binance replenishes SOL hot wallet on BSC as it pauses withdrawals to manage demand.
Binance temporarily suspended SOL withdrawals, due to increased withdrawal volumes. The suspension affects the Solana and Binance Smart Chain (BSC) networks, but Binance is committed to returning things to normal immediately. The decision has caused concern among users, particularly given the current situation in the Solana market.
High Volume and Network Congestion Affect SOL Withdrawals
The Solana network is currently experiencing traffic congestion, which might cause delays and an increased chance of withdrawal rejections. To address these problems and ensure that the exchange still operates effectively, withdrawals have been halted at Binance. As confirmed by Binance customer support, the BSC hot wallet for SOL is being replenished, and further updates will be provided when the system is fully operational.
Users can also choose to set a reminder via the Binance withdrawal page or visit the Solana Network page to get informed when the withdrawal is open again. Binance reiterated that the move is part of standard procedures that are carried out to boost system performance.
Market Activity Spurs Increased Interest in Solana
SOL withdrawal volumes have increased with increased activity in the Solana ecosystem. New trends, such as the TRUMP meme coin on the network, have recently gained much attention in crypto. Due to this excitement, Solana’s trading volume and token price have recently increased.
Solana’s price has increased by 11.23% in the last 24 hours reaching $236.38. In the last one week, the token has risen by 26.90% with its market capitalization rising by 11.19% in the last 24 hours. These market activities highlight the increasing demand for projects and tokens on the Solana network especially after the launch of new projects.
Other Exchanges Affected by Network Issues
Coinbase faced similar issues with the Solana network including sending and receiving SOL tokens. Despite being unable to process XRP transactions for buying, selling, and fiat, Coinbase confirmed the problem and assured everyone it was working on resolving the issue. The exchange will make announcements as soon as the situation is sorted out.
Although there were some problems during their operations, both Binance and Coinbase continue to enhance user convenience. Binance has restated its commitment to tackling the present problems and will soon continue with the withdrawal services.
Users Advised to Monitor Updates
Both platforms have requested that users remain updated through network pages and notification services. Withdrawals on Binance are expected to be enabled soon, though the exact time frame has not been given.
The existing issues demonstrate problems related to high demand and network overload in the rapidly developing cryptocurrency market. Users should bear with the exchanges as they seek to fix these temporary disruptions.