Solana (SOL), the 10th largest currency by market capitalization, experienced a sharp dip of 9% in the daily chart. Earlier today, SOL suddenly fell from $24 to $22, leaving investors scrambling for answers.
Some experts attribute this sudden downturn to the overall market trend, which has been experiencing a bearish moment lately. Bitcoin, the leading cryptocurrency, recently fell from its major resistance point of $30,000, causing other currencies to follow suit and trade in bearish mode.
SOL’s dip was felt across the cryptocurrency market as investors braced themselves for further downward trends. As of now, SOL’s market capitalization stands at $9.1 billion, with a decrease of 5.96%.
According to the data, SOL is presently being traded at a value of $23.34, and what stands out is that the trading volume has increased significantly by approximately 63.08%.
Solana’s Positive Outlook: Helium Moves To The Blockchain
Despite facing some challenges, there is a positive outlook for the future of Solana. This digital currency has gained significant attention in the world of cryptocurrency due to its distinct qualities, such as low transaction fees and high scalability.
As a result, Solana has attracted numerous investors, and its growth potential cannot be ignored. However, experts foresee a brief setback for Solana with a likelihood of a quick recovery in the near future.
Additionally, Solana’s team is committed, and their unconventional approach to cryptocurrency keeps them in the race as a formidable player in the constantly evolving digital assets market.
One of the latest development in the network is that the crypto infrastructure project Helium has moved to the Solana blockchain, abandoning its own crypto infrastructure for a more stable platform.
Developers initiated a 24-hour process to migrate Helium’s tokens and recreate its key metrics on Solana. The move aims to make it faster and cheaper to operate on Helium, which relies on cryptocurrency as an incentive mechanism.
Moving to Solana offers Helium a wider audience and a deeper pool of developers. Helium’s network of data-sharing hotspots will continue to operate during the migration.
In the blog post, Helium expressed gratitude to the community builders and contributors for their significant role in the monumental effort over the past year.
Helium acknowledged that without the motivation and dedication of such a community, this upgrade would not have been possible. Despite the productive months of Working Groups, Community Calls, and AMAs, Helium aimed to give a final reminder of what to anticipate during the current transition period.
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