Will Solana retain its 2023 gains and pump higher with Helium Network’s migration?
- Solana price yielded 23.8% gains for SOL holders since February 13, in its recent uptrend.
- Helium Network announced its migration from the current layer-1 to Solana by the end of March 2023, bringing nearly 1 million hotspots worldwide.
- SOL price continued its uptrend despite a consistent decline in Daily Active Users on its network and its NFT marketplace MagicEden.
Solana, an Ethereum competitor and a smart contract network, has yielded double-digit gains for holders over the past week. SOL network announced the latest bullish update, Helium Network’s migration to the Solana blockchain.
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Solana prepares for further gains with Helium Network’s arrival
The Helium Network is a blockchain that leverages a decentralized global network of devices as hotspots and connects anything to the internet at a faster and cheaper rate. Helium is set to move on from its current layer-1 blockchain to Solana at the end of March 2023, and bring nearly 1 million worldwide hotspots and 5G network to SOL.
The Helium network is migrating from its current L1 to Solana at the end of March, bringing with nearly 1 million hotspots worldwide across the LoRa and 5G networks https://t.co/Bn847ghLik
— Solana (@solana) February 20, 2023
Developers behind the Helium network identified benefits like improved mining, reliable data transfer and ecosystem support on the Solana blockchain, and proposed a move to SOL.
While the Solana network has witnessed a decline in Daily Active Users (DAUs) on its blockchain and NFT marketplace MagicEden, SOL price continued its uptrend.
Solana Daily Active Users
Solana price climbed 23.8% since February 13, and despite a decline in user activity on its blockchain, SOL price rally remained unaffected. SOL has yielded 162.2% gains since the beginning of 2023.
With the recent bullish catalysts in the Solana ecosystem, the altcoin could sustain its 2023 gains and climb higher in Q1.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
