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Helium to migrate to Solana on this date, here’s how HNT reacted
- Helium Network has proposed 27 March for its migration to the Solana network.
- The HNT token, alongside other assets, will also migrate to the new network.
In a blog post dated 17 February, Helium Network [HNT] revealed that its migration to the Solana [SOL] network would begin on 27 March. As a result, all wallets, Hotspots, and the press time state of the Helium Network will be updated. A 24-hour period of changeover time will begin at around 1500 UTC / 10:00 AM ET on that day.
Read Helium Network’s [HNT] Price Prediction 2023-24
The community’s success with HIP-70 in 2022 and the introduction of many solutions to Helium network scalability made the transition to Solana possible. In addition, moving Proof-of-Coverage and Data Transfer processing to Oracles, with the switch to the Solana blockchain, frees up significant resources for scaling.
How did its native token, HNT, react to the news?
HNT on a daily timeframe
There was a strong response to the latest statement, as evidenced by the price movement of HNT. As of 17 February, at the close of trading, the token had increased in value by 10.78%. This was the second-highest growth in February overall and the third-highest growth in the year. At the time of writing, it sold at about $2.80, up about 0.5%.
The token had support from the short Moving Average (yellow line), which was visible beneath the price fluctuation. As of the time of writing, the support was around $2.5. With prices near $3.8, the long Moving Average (blue line) acted as resistance.
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However, the volume of the price reacted differently. According to the Santiment’s volume statistic, there hasn’t been a significant surge in the metric. The volume has been low for some time, sitting at 5.91 million at press time.
Source: Santiment
The completed migration will make HNT natively interoperable with additional platforms in the Solana ecosystem, thus expanding its utility. However, will this exposure increase the volume of the token and consequently its value? Only time will tell.
