Solana (SOL) up 12% Following This Major Announcement: Details
Solana (SOL) is starting the week on a very bullish note, with its price up 12.62% to $26.61, according to data from CoinMarketCap. Per its current price action, Solana is now up by more than 26% over the trailing seven-day period, doubling its rank as one of the best-performing Layer-1 protocols for this year.
The growth in the price of Solana over the past week can be traced to positive investor sentiment following the recent revelation that Helium network is planning a migration to Solana. Solana confirmed the news earlier today, revealing the migration will be completed at the end of the first quarter.
Helium is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Using the proof-of-coverage (PoC) consensus mechanism, the protocol powers a ton of hotspots for devices, deliberately growing its utility since it was launched back in 2019.
According to Solana, Helium will help onboard nearly one million hotspots worldwide across the LoRa and 5G networks, based on this integration. The possibilities of this integration will know no bounds as Helium may also be used to power the much-anticipated Solana Phone Saga.
The sustained growth of Solana is obviously the biggest for the top 15 digital currencies this morning. This is a good way to start the week as regulatory pressures from the United States are far from being abated. As a Layer-1 protocol, Solana is very focused on the growth of its network, and it appears it is now the destination for decentralized physical infrastructure networks (dePIN).
With most L1s still in their infancy, being known as the go-to blockchain for such important service providers as Helium and the Hivemapper Network is a way to pick a niche in order to connect with the global digital tech ecosystem.
While many blockchain protocols have their strength, Solana is leading others in this regard.