Binance.US and Binance have recently announced they would delist 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 coin’s token value is now dumping hard as well, following news that Binance will also delist it.
On March 17, 2023, the coin was still falling hard, losing 17% in 24 hours.
Helium foundation proceeds with migration plans to Solana despite major delisting announcements
The Helium foundation has expressed disappointment with delisting news, in particular from Binance.US ahead of the Solana migration, but they 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 take effect from March 27.
Helium (HNT) indicator price analysis
Helium is trading below its 200-day and 50-day simple moving averages (SMA). The 200-day SMA has indicated a sell trend for the past 399 days since February 11, 2022. Similarly, the 50-day SMA has been signaling a sell trend for the past 20 days since February 25, 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 projected to decline within the next month and reach a value of $2.98 by April 16, 2023.
Similarly, the short-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
HNT price has been on a downward trend in the past 24 hrs, as indicated by on the daily chart. HNT hit the resistance at $3.31, forming a double-top pattern indicating the price would reverse.
At the time of writing, the price of HNT has hit the psychological support level, which could mean the price might rebound back to minor resistance at $2.43, and reverse back to support before bulls take over and push the price to the previous major resistance at $3.31.
The Helium Foundation remains committed to its mission of building 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 project’s future.