Solana (SOL) will likely be Helium network’s next home. Helium Foundation’s announcement was part of the new proposal – HIP 70. Acceptance will mean welcoming a massive collaboration between the decentralized platforms.
The announcement marks a crucial milestone for these platforms, especially in collaboration and growth. Arman Dezfuli-Arjomandi, Fairspott Helium founder, reveals one impressive benefit from Helium launching on Solana.
Will Solana’s Past Block the Path?
Solana would enjoy increased adoption and utility, considering Helium’s massive endeavor. Nevertheless, the Solana choice endured criticism. Some respondents revealed dissatisfaction with Helium’s move to shortlist Solana as its home.
Indeed, the misaligned opinions about Solana as the next blockchain to host Helium could impact the vote results. Nevertheless, some trust Solana as a battle-tested, and past downtimes strengthened the network. The coming community vote will determine whether Helium will join Solana.
SOL Price Action
While publishing this post, Solana changed hands at $32.36, representing a 33% dip from its 4-week high. Meanwhile, it exhibited bullish tendencies early this week after nearly falling into the oversold region. Weekend accumulation triggered the brief upside, according to the MFI (Money Flow Index).
Enough volume by bulls would back a massive recovery. Binance and FTX funding rates displayed impressive upsides within the past three days. That shows that investor sentiment shifts in the bulls’ favor.
Also, it matched the oversold level retest, revealing bullish signals alignment. That has seen SOL’s price attaining an uptick. That confirmed impressive accumulation at current 4-week lows.
Some other indications supporting optimistic sentiment include upticks in NFT trade counts since Aug 28. Improved NFT trade volume could have supported enhanced investor sentiment.
Moreover, whale stablecoin supply declined over the past three days, indicating large wallet buyback around recent lows. Meanwhile, SOL’s press time upside remained limited.
Nevertheless, it confirmed a healthy accumulation signal following a sizable fall. Solana might witness massive confidence if the community votes in Helium’s favor, potentially welcoming an enormous rally.
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