- Helium’s migration to Solana will get pushed again to April.
- HNT woes worsen after Binance introduced delisting.
The Readiness Working Group, a corporation shaped by the Helium group lately 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 as we speak?
The Readiness Working Group had initially settled on 27 March because the Migration date. Nonetheless, the group voted in favor of pushing the migration to 18 April after a 3rd assembly to evaluate the migration standing. In response to 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 had been vital. The second purpose was that they had been ready for vital governance votes and the third, group readiness wasn’t 100%.
HNT value motion
Helium’s native token HNT is without doubt one of the few cash which have been on a bearish trajectory this week opposite to market path. It fell by roughly 18% inside 24 hours of asserting 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 value is now oversold and presently at a key assist line. It beforehand retested the identical assist on 14 March and in the beginning of the yr in January. In different phrases, there’s a important chance of a bounce again from the present stage.
Whereas the present expectation is that HNT may bounce again, there are some elements to think about. For instance, Binance lately introduced plans to delist HNT on 24 March. This resolution 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 whole lot of liquidity that it might 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 might this actually mark the height of the current outflows? Effectively, HNT’s market cap metric lately confirmed indicators of re-accumulation at $224.2 million earlier than additional weakening to $212.4 million.
Supply: Santiment
Life like or not, right here’s Helium’s market cap in BTC’s phrases
These trying to catch the falling knife might find yourself bleeding based mostly on the above commentary. It confirms that there’s weak shopping for strain and will favor extra draw back.
