Solana Turns Bullish, New Updates Coming Up

• Solana (SOL) recorded a 310% increase in its 24-hour trading volume.
• L1 blockchain Helium Network will migrate to Solana on March 27.

After a deep bearish trough since the start of February, Solana (SOL) transitioned to an uptrend exhibiting a 12% in the last 24 hours. SOL’s price has jumped from $23.64 to $26.64 at press time. 

According to data, SOL laid down four consecutive green candles to exhibit its uptrend. Parallely, SOL is in its phase of high volatility as its relative volatility index (RVI) is in the range of 72. Significantly, the market capitalization of SOL also spiked by 12.6% to reach $9,978,833,023, as of press time. 

Solana’s New Updates Line-up

During the FTX contagion, SOL was one of the major cryptocurrencies that faced notable losses. The cryptocurrency’s link to the FTX-Alameda portfolio pulled it into the top crypto losers list in this darkest crypto catastrophe. Alongside this, Solana’s recurring network outages were considered the most problematic event for SOL investors and traders. 

Despite this cycle of negative events, SOL’s native blockchain is all set to witness prominent integrations and launches in Q1 2023. Firstly, the launch of Solana’s Web3 mobile phone “Saga” in the upcoming weeks turned up to be the event triggering the community’s anticipation.  

Secondly, the popular L1 blockchain Helium’s migration onto the Solana ecosystem by March 27 is in the pipeline. The Helium Network will migrate its 1 million proof-of-coverage (PoC)-based hotspots running across LoRa and 5G networks to Solana’s oracles to boost its scalability. Furthermore, Solana-based NFTs and NFT marketplaces, such as SolSea and Solanart, are on the rise in terms of transaction volumes. Despite the pricing and high sales volume, these NFT ecosystems undergo declines and have failed to surpass Ethereum-led NFT platforms. 

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