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Here’s The Reason Behind Solana’s (SOL) 12% Jump

Best Owie
Best Owie
Last Updated: February 20, 2023 5:00 pm
2 mins read
Solana (SOL)

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Solana (SOL) saw a sudden 12% jump coming out of the weekend which sent the digital asset’s price rocketing toward $30. This was obviously a welcome development for supporters of the cryptocurrency but what was behind this rapid surge in the price?

Why Solana Pumped By 12%

On Monday, the Helium Network revealed that it will be migrating to the Solana blockchain. This news was corroborated by the official Solana Twitter handle, sparking a wave of positivity across the entire community.

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In the official blog post shared by Helium, it said that the migration to the new Layer 1 blockchain would happen in a month on March 27th. It comes after the Solana community approved the HIP-70 which would allow the Helium network to scale on Solana.

“The completion of the migration marks a new era for the Helium Network, enabling it to achieve greater scale and truly become a network of networks,” Helium said in the blog post.

Helium is already growing and is becoming a popular provider with almost 1 million hotspots, the company said. It also added that its move to Solana was brought about by the fact that the blockchain provided it the speed and scale it would need to operate on a blockchain while enabling utility.

Helium Network News Spurs SOL Recovery

Solana’s recovery over the weekend sent the price back to pre-FTX collapse levels to a local peak of just under $27. This recovery arguably puts SOL at a fair value where it would be if it wasn’t for the FTX implosion. Now, SOL is now able to contend with competitors as it is seeing reasonable gains. 

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For the future bull case for the cryptocurrency, the rally was triggered by just Helium’s announcement. The migration is yet to be completed, so there could be more recovery to be seen in the one month leading up to the official migration.

Solana’s market cap is now sitting at $9.9 billion which makes it the 11th largest cryptocurrency by market cap. It is also the best-performing coin of the top 15 cryptocurrencies by market cap in the last week, surpassing MATIC’s 27% with weekly gains of 28.77%.

At the time of writing, SOL is still holding steady above $26 after recording over 12% in the last day alone.

Solana (SOL) price chart from TradingView.com

SOL price rallies above $26 | Source: SOLUSD on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Guarda Wallet, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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