Binance.US and Binance have recently announced that they would be delisting the HNT token given the upcoming migration to Solana. Since then, the coin has been losing value.
This decision by Binance.US saw the value of HNT drop significantly, with the token losing 20% of its value in just 24 hours. The token value of the coin is now also dumping a lot, following the news that Binance will delist it as well.
On March 17, 2023, the coin was still falling hard, losing 17% in 24 hours.
Helium Foundation Continues Solana Migration Plans Despite Significant Delisting Announcements
The Helium foundation has expressed disappointment with the delisting news, particularly of Binance.US ahead of the Solana migration, but added that they understand the exchanges’ position.
The migration from Helium to Solana is significant and a first for the industry, comparable to Ethereum’s move from proof-of-work to proof-of-stake. The foundation has confirmed that the migration to Solana is proceeding as planned and will be effective as of March 27.
Helium Indicator (HNT) Price Analysis
Helium is trading below its 200 and 50-day simple moving averages (SMAs). The 200-day SMA has indicated a selling trend for the last 399 days since February 11, 2022. Similarly, the 50-day SMA has indicated a selling trend for the last 20 days since February 25, 2022. 2023.
The most recent death cross in the bitcoin market occurred 388 days ago, on February 22, 2022.
Based on these technical indicators, Helium’s 200-day SMA is expected to decline over the next month and reach a value of $2.98 by April 16, 2023.
Similarly, the near-term 50-day SMA is expected to reach $1.914962 by the same date. The RSI value for HNT is 32.68, indicating that the market is currently neutral.
HNT Price Action Analysis
The HNT price has been trending lower over the past 24 hours, as indicated by the daily chart. HNT reached the resistance at $3.31, forming a double top pattern indicating that the price would reverse.
At the time of writing, the HNT price has reached the psychological support level, which could mean that the price could rally to a minor resistance at $2.43 and reverse to support before the bulls take over. and push the price to the previous main resistance at $2.43. $3.31.
The Helium Foundation remains committed to its mission to build a decentralized wireless network that can be used for various IoT applications. The move to Solana is expected to bring new opportunities for growth and development, and the foundation is optimistic about the future of the project.
