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Helium to migrate to Solana, is now the right time to buy HNT?

on Sep 22, 2022
  • Helium community members voted to move the project from its own blockchain to Solana’s blockchain.
  • In a proposal known as HIP 70, a two-thirds majority was needed.
  • Developers behind the project proposed this migration to help scale the protocol.

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Helium community members completed a vote that suggested moving the Helium network to Solana (SOL/USD).

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Helium (HNT/USD) is a decentralized blockchain-powered network intended to power Internet of Things (IoT) devices, where the nodes come in the form of hotspots and fill the role of being a wireless gateway as well as a blockchain mining device.

The migration to Solana as a catalyst for growth

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In the latest cryptocurrency news, we covered how Helium developers proposed the migration to Solana.

The “Scaling the Helium Network” proposal voting was closed on September 22, 2022, with a total of 7,447 votes.

Out of them, 6,177 votes, or 81.41%, voted for the change, while 18.59% voted against it, which equated to 1,270 votes.

The developers that are behind Helium proposed this migration as a means of scaling the protocol, with the goal of it leading to more efficient transactions as well as a higher level of interoperability. 

This move will transfer all of the tokens, applications as well as governance to the network.

HIP 70 essentially brings three major changes, including moving Proof-of-Coverage Oracles, moving data transfer accounting to Oracles, and migrating the Helium Network, including its tokens, governance, and economics surrounding HNT, DC, IOT, and MOBILE, onto the Solana blockchain.

Should you buy Helium (HNT)?

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On September 22, 2022, Helium (HNT) had a value of $4.7548.

HNT/USDT Chart By TradingView.

Looking at the chart, we can see that the all-time high of Helium (HNT) was at a value of $52.78 based on the data from Tradingview.

This means that the cryptocurrency is currently trading at $48.0252 under its ATH, a decrease of 90%.

However, we can also see that the cryptocurrency’s recent high was at a value of $26.34, after which it began a downward trend and initially dropped to $9.08.

Its lowest point was at $4.38 before it kicked back up in speed. 

When we take a look at the weekly performance of HNT, its 7-day low was at $3.93, while its 7-day high was at $5.34.

Here we can see a difference of $1.41 or 36% in terms of its value. With this in mind, buying HNT at $4.7548 provides a solid opportunity, as if it replicates the performance, it can jump to a value of $6.46 by the end of September 2022.

Helium Crypto Trading Ideas