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Solana (SOL), the 10th largest currency by market capitalization, experienced a sharp dip of 9% in the daily chart. Earlier today, SOL suddenly fell from $24 to $22, leaving investors scrambling for answers.
Some experts attribute this sudden downturn to the overall market trend, which has been experiencing a bearish moment lately. Bitcoin, the leading cryptocurrency, recently fell from its major resistance point of $30,000, causing other currencies to follow suit and trade in bearish mode.
SOL’s dip was felt across the cryptocurrency market as investors braced themselves for further downward trends. As of now, SOL’s market capitalization stands at $9.1 billion, with a decrease of 5.96%.
According to the data, SOL is presently being traded at a value of $23.34, and what stands out is that the trading volume has increased significantly by approximately 63.08%.
Solana’s Positive Outlook: Helium Moves To The Blockchain
Despite facing some challenges, there is a positive outlook for the future of Solana. This digital currency has gained significant attention in the world of cryptocurrency due to its distinct qualities, such as low transaction fees and high scalability.
As a result, Solana has attracted numerous investors, and its growth potential cannot be ignored. However, experts foresee a brief setback for Solana with a likelihood of a quick recovery in the near future.
Additionally, Solana’s team is committed, and their unconventional approach to cryptocurrency keeps them in the race as a formidable player in the constantly evolving digital assets market.
One of the latest development in the network is that the crypto infrastructure project Helium has moved to the Solana blockchain, abandoning its own crypto infrastructure for a more stable platform.
Developers initiated a 24-hour process to migrate Helium’s tokens and recreate its key metrics on Solana. The move aims to make it faster and cheaper to operate on Helium, which relies on cryptocurrency as an incentive mechanism.
Moving to Solana offers Helium a wider audience and a deeper pool of developers. Helium’s network of data-sharing hotspots will continue to operate during the migration.
In the blog post, Helium expressed gratitude to the community builders and contributors for their significant role in the monumental effort over the past year.
Helium acknowledged that without the motivation and dedication of such a community, this upgrade would not have been possible. Despite the productive months of Working Groups, Community Calls, and AMAs, Helium aimed to give a final reminder of what to anticipate during the current transition period.
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At 12pm UTC on April 13th, the Solana (SOL) cryptocurrency took a dip by 9.72%, according to data from CoinMarketCap. This drop in price took the coin’s total market cap to $14.23 billion, making it the 8th largest cryptocurrency in the world. In the last 24 hours, the price of Solana has dropped by as much as 12.68%.
The fall in the price of Solana is likely due to profit-taking after the coin’s meteoric rise over the last few weeks. SOL has grown 166% over the past month, with prices peaking at $53.28 on April 7th.
So, what’s behind the dramatic increase in Solana’s price?
The Solana blockchain is a high-performance, decentralized platform that is capable of handling up to 64K transactions per second (TPS). The blockchain offers a number of unique features, including the Solana Enterprise, which allows businesses to scale their blockchains with the use of dynamic sharding.
In addition, Solana has seen a surge in activity due to the launch of a yield farming program. The program allows users to stake SOL in order to earn rewards from the network.
The increase in activity on the Solana blockchain has helped drive up the price of SOL. However, with the coin now trading at lower levels, some traders may be wondering if there is any potential for Solana to recover.
At the moment, the outlook is promising. Solana is continuing to grow in popularity and is one of the most promising blockchain projects in the industry. In addition, the yield farming program is likely to continue to attract new users to the platform, which will help to drive up the price of SOL.
All in all, despite the recent dip, Solana is well positioned for continued growth in the future.
