- According to a recent announcement by Helium Foundation, all projects that utilize the HNT tokens will be compatible with the Solana ecosystem.
- Solana price outlook is expected to benefit from the Helium migration with more Web3 users significantly.
The Solana network has struggled to return to pre-FTX levels despite the January crypto relief rally. Trading around $26.55 on Monday, Solana (SOL) price could go parabolic in the coming weeks if more positive fundamentals keep flowing. At the moment, the Solana community is looking forward to the migration of Helium Network – an ecosystem with over $450 million in capitalization – scheduled for March 27, 2023.
The Solana ecosystem gained significant global traders’ recognition after the digital asset rallied from about $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 Helium Foundation, all projects that utilize the HNT tokens will be compatible with the Solana ecosystem. The move to the Solana network was authorized by the Helium community last year through the HIP-70 proposal. Moreover, the Solana ecosystem offers a high throughput and scalable network that Helium users can benefit from.
“With the ability to power 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 the blockchain responsibility while the Helium core developers and community can focus on building wireless protocols and enabling utility on these networks,” the Helium Foundation noted.
Reportedly, most Helium token holders will not be affected by the Solana transition. However, Helium whales are advised to work with developers to test certain functionalities. Additionally, the original Helium Hotspot app, the blue icon, users are advised to upgrade to the new Helium Wallet app dubbed black icon.
The Helium Foundation has formed an Upgrade Readiness Working Group 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 sufficient documentation, and raise any concerns before moving forward,” the company added.
The Helium digital wallet users have been notified that the original key phrases will sustain after the Solana transition. Moreover, the change is expected to be as smooth as possible to ensure minimal loss of novice users.
Solana (SOL) price action
The Solana bulls are working to overturn the current resistance to a support level after a five-week consolidation. Having rallied more than 11 percent in the past 24 hours, SOL price is now down approximately 89 percent from its ATH.
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As the smart contract battleship continues among top blockchains, Solana will count more wins after the Helium transition, which could rejuvenate the bulls. Nonetheless, the downtrend on the weekly timeframe will have to be invalidated first.
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