- Helium’s migration to Solana will get pushed again to April.
- HNT woes worsen after Binance introduced delisting.
The Readiness Working Group, a company fashioned by the Helium group just lately launched an replace on the standing of its migration to Solana. HNT crashed additional following the information and right here’s why.
How many are 1,10,100 HNTs value at this time?
The Readiness Working Group had initially settled on 27 March because the Migration date. However, the group voted in favor of pushing the migration to 18 April after a 3rd assembly to evaluate the migration standing. According 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 have been mandatory. The second purpose was that they have been ready for mandatory governance votes and the third, group readiness wasn’t 100%.
HNT worth motion
Helium’s native token HNT is likely one of the few cash which have been on a bearish trajectory this week opposite to market route. It fell by roughly 18% inside 24 hours of saying that the migration date could be delayed. Its $1.53 press time worth was a 55% low cost from its February highs.
Source: TradingView
HNT merchants must also observe that the worth is now oversold and at the moment at a key help line. It beforehand retested the identical help on 14 March and firstly of the yr in January. In different phrases, there’s a important chance of a bounce again from the present degree.
While the present expectation is that HNT may bounce again, there are some components to contemplate. For instance, Binance just lately introduced plans to delist HNT on 24 March. This choice 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 capacity to bounce again may thus be restricted. As far as on-chain observations are involved, the amount and volatility metrics reached their weekly highs within the final 24 hours, at press time.
Source: Santiment
The quantity and volatility surge represents the elevated promote stress however might this actually mark the height of the current outflows? Well, HNT’s market cap metric just lately confirmed indicators of re-accumulation at $224.2 million earlier than additional weakening to $212.4 million.
Source: Santiment
Realistic or not, right here’s Helium’s market cap in BTC’s phrases
Those making an attempt to catch the falling knife might find yourself bleeding based mostly on the above commentary. It confirms that there’s weak shopping for stress and will favor extra draw back.
