Solana award goes to the moon? This crypto giant will migrate to SOL blockchain due to superior technology
- According to a recent announcement by the Helium Foundation, all projects using HNT tokens will be compatible with the Solana ecosystem.
- Solana’s price outlook is expected to benefit significantly from the Helium migration with more Web3 users.
The Solana network has struggled to return to pre-FTX levels despite the crypto-assisted rally in January. Trading around $26.55 on Monday, Solana (SOL) price could go parabolic over the coming weeks if more positive fundamentals continue to flow. Currently, the Solana community is looking forward to the migration of the Helium Network – an ecosystem with over $450 million in capitalization – scheduled for March 27, 2023.
The Solana ecosystem gained significant recognition from global traders after the digital asset rose from around $0.5 to $259 in less than three years. Early investors of Solana saw gains of 500X during the 2021 bull market.
Helium network swallowed by Solana Ecosystem
According to a recent announcement by the Helium Foundation, all projects using HNT tokens will be compatible with the Solana ecosystem. The move to the Solana network was approved by the Helium community last year through the HIP-70 proposal. Also, the Solana ecosystem offers a high throughput and scalable network that Helium users can take advantage of.
“With the ability to drive thousands of transactions per second, combined with its massive ecosystem of developers, applications and integrations, Solana has the speed and scale necessary to take on blockchain responsibilities while the Helium core developers and community can focus on building wireless protocols and enabling tools on these networks,” Helium Foundation noted.
Reportedly, most Helium token holders will not be affected by the Solana transition. However, Helium Whale is recommended to work with developers to test certain features. In addition, the original Helium Hotspot app, the blue icon, users are advised to upgrade to the new Helium Wallet app called black icon.
The Helium Foundation has formed an upgrade readiness task force to address the challenges associated with network transition.
“This group will represent a diverse cross-section of technical experts from the community and various stakeholders to review the migration, ensure the availability of adequate documentation and address any concerns before moving forward,” the company added.
Helium digital wallet users have been notified that the original key phrases will be maintained after the Solana transition. In addition, the change is expected to be as flexible as possible to ensure minimal loss of newbies.
Solana (SOL) price action
The Solana bulls are working to topple the current resistance to a support level after a five-week consolidation. After rising more than 11 percent in the last 24 hours, the SOL price is now down about 89 percent from the ATH.
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As the smart contract battleship continues among the top blockchains, Solana will count more wins after the Helium transition, which could rejuvenate the bulls. Nevertheless, the downtrend on the weekly time frame needs to be invalidated first.
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