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Helium price surged by more than 22% on Friday as bulls rode the growing positivity across the altcoin market to hit highs of $1.96. The surge came as Ethereum crossed the $2,100 mark on Friday, 14 April, and days before network migration to Solana.
HNT price is up 43% this past week, outperforming related IoT coins
The price of Helium, which has been in consolidation around $1.44 over the past month, rose sharply beginning 12 April as the altcoin market reacted higher following Ethereum’s Shanghai upgrade. Increased market activity for Helium has seen over $5 million worth of HNT traded in the past 24 hours, with the tokens price up nearly 43% in the past week.
Indeed, according to data from CoinGecko, HNT has outperformed the global cryptocurrency market cap and the sub-sector of Internet of Things over the week.
While Helium price is seeing 40%+ in weekly gains, the global crypto market cap has only increased roughly 8%. On the other hand, the global IoT cryptocurrencies have increased an average of 6.8%.
Why is Helium price up today?
Well, Helium is just four days from its highly anticipated migration onto the Solana. The Helium-Solana migration is scheduled for 18 April 2023, and as crypto market intelligence firm Messari noted on Friday, Solana’s tech stack will help the decentralised wireless infrastructure blockchain platform migrate from its L1 to Solana.
Earlier this month, the Helium team said the move to the Solana would see HNT holders access “a world of DeFi, NFTs, smart contract capabilities, DAOs, and more.”
On Thursday, the Helium team announced the release of the migration app for Ledger hardware wallets.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced support for the Helium migration this week. Binance.US cautioned that support for the network migration will see HNT withdrawals suspended at 8:00 pm on 16 April (and resume on 20 April).
And adding to the buy HNT pressure is the 3X veHNT bonus offered to holders who have their assets on the hardware wallets app for the first 10 or so days following the 18th April HNT move to mainnet Solana. This is likely behind the frenzy of activity for the token.
Also notable is today’s major breakout for Ethereum, and the resulting sentiment flip for altcoins. Speculation looks to have helped push HNT price higher.
Helium price outlook
Moves to mid-March prices of $2.5 will materialize if buyers break above the supply wall at $2.00.
However, with profit taking deals possible, HNT could also see a swift retreat to support levels around $1.70.
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