- 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.
Also read: Ethereum deflation rate is accelerating by the day: Here’s what to expect from ETH price
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.
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