Solana (SOL) Rockets 30% in Light of Helium Migration

Solana’s ecosystem will provide Helium with the speed and scalability necessary to become a “network of networks.”

by .
Published:
Boy holding Solana SOL helium balloon
Google News Follow Button
  • Solana has confirmed that Helium will be migrating to the Solana blockchain.
  • The migration will enable Helium to focus more on building its wireless network.
  • The price of SOL has increased notably in response to favorable sentiment following recent developments.

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.

Sponsored

Recent developments have fostered positive sentiment in the Solana community, boosting the network’s market capitalization beyond $10B for the first time this year.

Solana three month market capitalization chart on CoinMarketCap

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.

Sponsored

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.

Solana as a Saving Grace?

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.

On the Flipside

  • Speculation has surfaced around the idea that Helium will be used to power the much-anticipated Solana Mobile, which is pending release in early 2023.
  • Helium hotspots have been growing at a slower pace in the past months.

Why You Should Care

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:
Def Jam Brings Whales to Solana (SOL) with NFT Band

DailyCoin Newsletter

The hottest crypto news, straight to your inbox!

newsletter icon

Get a daily dose of crypto stories in a quick read with a tongue-in-cheek twist! Suitable for everyone, from crypto newbs to battle-tested veterans.

      You can easily unsubscribe at any time. Spoiler Alert: You won’t want to!

      This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

      Tags
      Author
      Monique Brelage
      Monique Brelage

      Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.