Helium (HNT): Price Action Over Past Days Amid Proposal to Migrate to Solana

The Helium Foundation revealed a proposal on August 30, informing users about attractive updates. The foundation confirmed the plans of Helium’s core team to shift towards the Solana blockchain. Though the platform scheduled a proposal to commence by September 12, the HNT price immediately dropped by 11% over the following 24 hours after the proposal’s reveal.

Over The Past Seven Days

August 7 trading sessions had HNT trading at $3.84, gaining a slight 0.1% within the past day (CoinGecko). Nevertheless, the alternative token lost 31.4% within the past week and nearly 58% within the last 30 days.

HNT trades around its Feb 2021 zone, following steady price plunges since Nov 2021. While publishing this content, HNT hovered 93.08% away from its $55.22 all-time high on November 12, 2021.

Meanwhile, the proposal left many with worries about the network’s future.HNT coins have seen increased distribution within the past week to foretell potential losses.

While publishing this blog, the token’s RSI (Relative Strength Index) hovered at 26, well beneath the 50-neutral. The AO (Awesome Oscillator) also displayed all red candlesticks beneath the zero level.

On-Chain Analysis

The proposal saw HNT garnering some social traction. That amplified its social dominance, gaining 100% in the following two days. The alt’s social dominance noted steady declines, following the 0.58% peak.

This number stood at 0.2315% by September 6, losing more than 150% within four days. Also, the token’s social volume soared to 402 highs on September 1, after which a 75% slump.

Surprisingly, the token’s weighted sentiment revealed a positive number of 0.66 (7d MA), regardless of the substantial price dip within the last seven days. Furthermore, the continued HNT price drops saw the whale balance plummet consistently.

Meanwhile, the crypto market maintains bearishness during this publication. Bitcoin extends its slide beneath the $20,000 level. The leading crypto changed hands near $18,860.42 during this publication, dropping 4.57% within the past 24 hours.

The global cryptocurrency market cap stood at $946.36 billion, dropping 4.29% over the past day. Meanwhile, the total cryptocurrency market volume gained 6.41% to $81.59 billion.

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