Solana (SOL) Rockets 30% in Light of Helium Migration
The upcoming Helium migration and increased NFT sales volumes appear to be fueling a notable retrace for Solana (SOL). On February 20th, 2023, the official Solana Twitter account confirmed that the Helium network would migrate from its current Layer-1 network to the Solana blockchain. The Helium Network has revealed that the official migration will occur on March 27th and is referring to the event as “the most significant upgrade to Helium Network scalability and reliability” in combination with the deployment of Oracles. Recent developments have fostered positive sentiment in the Solana community, boosting the network’s market capitalization beyond $10B for the first time this year. Market cap for Solana. Source: CoinMarketCap Following increased NFT sales volumes and Helium anticipation, the price of Solana has shot up 30%, with SOL trading at $26.33 at the time of writing. Migrating to the Solana blockchain will allow Helium to shift its focus from sustaining its blockchain to expanding its network of hotspots and building wireless protocols, according to a blog post by the Helium Foundation. Helium, a decentralized network of IoT devices called “hotspots,” has faced criticism concerning scalability and economics. The Solana migration could address these challenges, as the platform can handle many transactions per second. Solana’s ecosystem of developers, applications, and integrations will provide Helium with the speed and scalability necessary to become a “network of networks,” potentially unlocking new possibilities and use cases for the Internet of Things (IoT) industry. The migration will also benefit token holders as HNT will become natively compatible with other platforms within the Solana ecosystem, adding utility for HNT, MOBILE, and IOT token holders. Furthermore, the migration is set to bring nearly one million hotspots across the LoRa and 5G networks. The price of Helium (HNT) is reflecting optimism from the community, trading at $3.10 at the time of writing, which records an increase of 27.55% in the past seven days. The successful migration of the Helium network to the Solana blockchain would represent a unification of Web 3.0 utility. The migration could propel the progress of both networks and potentially the adoption of Web 3.0 technologies in the mainstream. Read more about Solana’s NFT sales volume spike: Solana Stakes 14% Claim to NFT Market in Ecosystem Boost Read more about the recent partnership between Solana and Def Jam:
— Solana (@solana) February 20, 2023
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