The cryptocurrency exchange Binance stated in a press release on March 6 that withdrawals from the Solana (SOL) network had been "intermittently suspended" since March 4. The announcement attributed the suspension to the "increased volume of transactions on the network."

In addition, Binance stated that it has found "some areas for optimisation" and is working to address the issue; however, it did not specify whether these areas had to do with the exchange or the Solana network in general. Although the length of the suspension is unclear, Binance has set March 9 at 18:00 (UTC) for the execution of a "long-term solution."

Although the last time the network experienced issues was on February 6, during a five-hour outage, according to Solana's status page, the company has not publicly addressed network stability in reaction to Binance's decision to halt withdrawals. It's unclear as of press time whether Binance's decision to halt withdrawals has anything to do with the stability of the network.

The move by Binance comes as Solana's SOL token is seeing a spike in daily trading volume, hitting $9.5 billion, which is comparable to the highest levels observed in September 2021, when SOL was trading at $209, according per CoinMarketCap. SOL is trading at $130 as at the time of writing.