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What will happen to Solana (SOL) after Binance suspends withdrawals?

Binance, one of the world's leading cryptocurrency exchanges, announced the temporary suspension of withdrawals on the Solana (SOL) network, sparking speculation about the stability of the SOL price.

This decision, which came into effect on March 4, 2024, comes after an unexpected increase in transaction volumes on the Solana network. Which has caused the stock market to struggle to maintain peak performance levels.

Binance Temporarily suspend withdrawals from Solana (SOL)

Binance has identified several opportunities for improvement within network Solana is working to find a stable, long-term solution. The expected resolution date is March 9, 2024, at 6:00 p.m. (UTC). It's a timeline that the cryptocurrency community is eagerly awaiting.

" Withdrawals on the Solana network have been suspended (GROUND) intermittently since 04/03/2024 due to increased transaction volume on the network. As you mentioned Binance.

The temporary suspension has sparked widespread reaction and speculation about the immediate impact on Solana's price. Famous cryptocurrency analysts including Inmortal have spoken out. The pseudonymous trader also highlights the critical nature of price movements during this volatile period.

"A big wick doesn't matter if it's not followed. I love SOL, but all I see here is a diversion. If we don't demand $127 soon, this wick will only be a decoration."

Solana (SOL) Price Performance
Solana (SOL) Price Performance. Source: Undying

The statement highlights the delicate balance needed to maintain investor confidence and the importance of a rapid price recovery. Additionally, analyst Kallio offered a more optimistic outlook. He noted that Solana could soon see a significant upward movement.

“Solana appears poised to return to its Spring 22 highs. If Bitcoin prices stabilize within their current range, this would equate to a price of around $200 per SOL,” he added. anticipation Caléo.

The unfolding scenario places Binance at the center of Solana's future market performance. The cryptocurrency community is still on the edge, with platform transaction capacity and network scalability directly impacting market confidence and price stability.

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