Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge

Christian Encila

2 years ago

2 mins read

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SOL, Solana’s native coin, has seen its value increase since the announcement of its impending merger with Helium. The developers of Helium came up with HIP 70, which aimed to relocate the entire Helium supply chain to Solana.

Developers behind Helium have stated that increasing the network’s scalability, stability, and speed were the primary motivations behind the merger.

According to a Medium post published by Solana on August 31, the company proposes migrating the Helium ecosystem from the L1 chain to its own “highly-scalable and fast blockchain,” which will allow for “higher uptimes, greater composability, and a faster user experience while maintaining the security and low cost of using the Helium Network.”

SOL Trading Volume Up A Decent 250%

Recent data shows that SOL’s trading volume has increased by an impressive 250 percent, from a recent low of $675,184 to today’s trading volume of $1,685,409.

When business volume rises, prices tend to rise as well. The price increased by 11.52 percent in just 12 hours on September 2. This most recent upward movement resulted in a price of $38.06.

On Wednesday, however, a fairly severe correction follows this bull pattern. A rising price carries with it the possibility of a sell-off, since some traders may seek to make a profit.

This occurred shortly after SOL’s price peaked at $38.82. The rapid reversal occurred just one day after the bull movement.

Solana-Helium Merge To Shape Investor Confidence

After the market’s upswing, the CCI and Stoch RSI values indicated that the coin was overbought, triggering sell signals.

This fall in price also increased the attractiveness of short positions. According to recent market data, the current panorama of traders is dominated by short sellers. The majority of the top nine cryptocurrency exchanges are dominated by short bets.

Chart: TradingView.com

The market is attempting to rectify the decline with a test of the 100 percent Fibonacci level, with the 50-day exponential moving average acting as support.

Chart: TradingView.com

With the current timetable of the Helium-Solana merger still in the voting phase, the event’s hoopla can be a precursor of either a greater rise or a lower fall.

The outcome of the vote will at least determine the sentiment of SOL’s investors. As the 18th of September approaches, it is only a matter of time before the voting results are known.

SOL total market cap at $11.5 billion on the daily chart | Source: TradingView.com

Featured image from Exodus Wallet, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.