- Helium’s migration to Solana will get pushed again to April.
- HNT woes worsen after Binance introduced delisting.
The Readiness Working Group, a company shaped by the Helium group not too long ago launched an replace on the standing of its migration to Solana. HNT crashed additional following the information and right here’s why.
What number of are 1,10,100 HNTs value right now?
The Readiness Working Group had initially settled on 27 March because the Migration date. Nevertheless, the group voted in favor of pushing the migration to 18 April after a 3rd assembly to evaluate the migration standing. In accordance with the report, the migration preparations are nonetheless on monitor.
The Helium group opted to push again the migration date for 3 causes. Firstly, some operational enhancements and extra testing have been mandatory. The second cause was that they have been ready for mandatory governance votes and the third, group readiness wasn’t 100%.
HNT value motion
Helium’s native token HNT is likely one of the few cash which were on a bearish trajectory this week opposite to market route. It fell by roughly 18% inside 24 hours of saying that the migration date can be delayed. Its $1.53 press time value was a 55% low cost from its February highs.
Supply: TradingView
HNT merchants must also notice that the worth is now oversold and presently at a key assist line. It beforehand retested the identical assist on 14 March and at the beginning of the yr in January. In different phrases, there’s a vital likelihood of a bounce again from the present stage.
Whereas the present expectation is that HNT may bounce again, there are some components to think about. For instance, Binance not too long ago introduced plans to delist HNT on 24 March. This determination might have contributed to the sudden surge in outflows.
#Binance will delist HNT and WABI on March 24, 2023.https://t.co/390nGoxxyS
— Binance (@binance) March 17, 2023
The delisting announcement means HNT will miss out on a number of liquidity that it will have in any other case accessed on Binance.
The token’s skill to bounce again may thus be restricted. So far as on-chain observations are involved, the amount and volatility metrics reached their weekly highs within the final 24 hours, at press time.
Supply: Santiment
The amount and volatility surge represents the elevated promote strain however may this actually mark the height of the latest outflows? Nicely, HNT’s market cap metric not too long ago confirmed indicators of re-accumulation at $224.2 million earlier than additional weakening to $212.4 million.
Supply: Santiment
Reasonable or not, right here’s Helium’s market cap in BTC’s phrases
These making an attempt to catch the falling knife might find yourself bleeding based mostly on the above statement. It confirms that there’s weak shopping for strain and will favor extra draw back.
