The past week has been bearish for Solana, with the token experiencing a major price correction. However, this was also experienced across the crypto market, with several coins attempting to break key levels to establish bullish momentum.

Bitcoin, for example, has experienced a price dip of over 8% in the past four days, dropping from $30,600 to below $27,000 as it struggles to surpass the $30,000 resistance level. With buying pressure mounting, Solana has shown signs of resurgence, as evidenced by the price increase in the past 24 hours. 

The token has recovered by 3% during this period, and it is not certain if this indicates a trend reversal into a bullish market. The recent development in the Solana ecosystem shows that the coin could make impressive gains in the coming days. 

Related Reading: TikTok Videos On Crypto Investments Highly Misleading, Study Finds

Solana Boosted By Helium Migration And Grayscale Adoption 

Crypto connectivity project Helium migrated to the Solana blockchain on Tuesday. Developers initiated a 24-hour process to take the Helium blockchain offline and recreate its key metrics on Solana. 

Helium’s smart contracts were unusable during this period, and the network was restarted on Wednesday. According to Helium, the migration to Solana aimed to make Helium faster and cheaper. 

Previously, Helium had its own custom layer-1 blockchain, which lacked the broad apparel of Solana and Ethereum. Moving to Solana offers Helium a wider audience and a more stable platform, despite the well-publicized outages in Solana’s history. Helium also believes that migrating to Solana also provided Helium with access to a larger pool of developers familiar with Solana’s programming language. 

Related Reading: Altcoin Season is Here – The New Crypto Set to Explode Alongside Ethereum in 2023

In addition, Grayscale Investments, the world’s largest digital currency asset manager,<

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Author: Olowoporoku Adeniyi

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