January 12, 2022

Solana (SOL) Troubled Again, Binance Forced To Stop Spending Assets!

 Binance announced the release of assets on their platform via the Solana blockchain was forced to halt due to network congestion.

Binance explained in the note last night:

“The Solana Series (SOL) is dealing with congestion due to high transactions, causing the network capacity to drop to several thousand transactions per moment and causing user transaction failures.”

Due to this, Binance was forced to temporarily stop releasing assets through the Solana chain to streamline the backlog.

Solana received sudden attention for his ability to accommodate 50,000 to 65,000 transactions at a time.

Strong demand for SOL pushed the coin's price up to $260 on November 6, before dropping to $143.53 as of this writing.

The decline in SOL prices is somewhat closely related to the recent issue of DDoS attacks.