Crypto exchange Binance has announced the suspension of Solana (SOL) withdrawals until Mar. 9 due to identified areas for optimization. The suspension, which began on Mar. 4, is attributed to the increased volume of transactions on the Solana network.

Binance stated that efforts are underway to optimize the identified areas but did not specify whether the issues are related to the exchange or the Solana network itself. A long-term solution is scheduled for implementation on Mar. 9 at 18:00 (UTC).

Solana Network Status

The Solana status page indicates that the network faced difficulties on Feb. 6 with a five-hour outage. However, Solana has not publicly addressed network stability in response to Binance’s withdrawal suspension. It remains unclear if the suspension is directly related to network stability.

During the suspension period, Solana’s SOL token has experienced a surge in daily trading volume, reaching $9.5 billion. This mirrors trading figures from September 2021 when SOL was priced at $209. Currently, SOL is trading at $130.

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