Investing.com – As the and the are reluctant to continue higher, and threaten to correct against key hurdles ($25,000 for BTC and $1,700 for ETH), and trade in balance from yesterday, the (SOL) stands out to a large extent, soaring by nearly 12% over 24 hours and nearly 30% over one week.
At the time of writing, Solana, trading at $26.41, is the top performing cryptocurrency in the Top 50 over 24 hours.
Solana benefits from the migration of Helium to its network
Note that the strong rise in Solana’s price over the past week can be attributed to positive investor sentiment following the recent revelation that the Helium Network is planning a migration to Solana.
Solana confirmed the news earlier today, revealing that the migration will be complete by the end of the first quarter, which appears to be behind Monday’s bullish acceleration.
Note that is a blockchain-powered decentralized network for Internet of Things (IoT) devices. According to Solana, Helium will help onboard nearly one million hotspots worldwide across LoRa and 5G networks, based on this integration.
Recall that the migration to the Solana network had already been announced by the Helium developers last Friday.
Note that HNT, the native token of the Helium project, which is also the 102ᵉ largest crypto on the market by capitalization, is also benefiting from the news, posting an increase of almost 6% at the time of writing this article.
Technical thresholds to monitor on the Solana (SOL)
Chart-wise, the Solana sent a strong bullish signal on today’s high, breaking through its 200-day moving average for the first time in over a year, as seen on the chart. graph below.
However, as also seen on the chart, the recent rise in Solana has brought the cryptocurrency back to the touch of the $27 resistance, which has seen several key reversals since the summer of 2022. therefore cannot be ruled out, and in this context, $25 will be the first significant support.
If the Solana manages to breach the $27 barrier, the psychological $30 threshold will be the next bullish target.