HNT Balloons As Token Gets 36% More Helium In Run-Up To Network Migration

Christian Encila

2 years ago

3 mins read

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Helium’s native token HNT has been bloating in price since the start of the year. According to CoinGecko, the token is up more than 36% in the past week. This means that the token is ready for more gains in the coming days or weeks as Helium merges with the Solana blockchain.

According to Helium’s tweet back on December 16th, the two blockchains will merge in the 1st quarter of this year. Will HNT continue its bullishness post-merge?

The Merge & External Developments On Helium

The Helium-Solana consolidation event is not just the only thing marked for investors and traders to watch. Nova Labs, formerly known as Helium, and T-Mobile announced a partnership back on September 20 last year.

Helium is migrating onto the @Solana blockchain ~Q1 2023. Did you know @Helium Hotspots will each be represented by an NFT on Solana—creating almost 1 million new Solana NFTs during the Helium #MintORama?
If you missed our Transition AMA on Dec. 1st, here’s a recap. 🧵 👇

— Helium Foundation (@HeliumFndn) December 15, 2022

According to the press release, the partnership would enable Helium Network users to use the T-Mobile 5G network alongside with Helium’s own native 5G network. This would entitle users to opt-in of the MOBILE rewards system.

This system rewards users for sharing data about Helium’s dead spots location in the United States which would help them save on cellular data plans. The public beta launch of the rewards system will launch during the 1st quarter this year.

Image: Securities.io

Helium and Solana’s merge event will also happen at the same timeframe. The upgrade would enable the ecosystem to give more back to hotspot owners as 2 million HNT would be allocated annually for rewards.

It would also make the network faster and reliable as the proof-of-coverage system of Helium gets buffed.

What Does This Mean For HNT?

As of writing, the token faced a rejection at $3.4 with the bears trying to reach the $2.8 support line. The first few months of this year could set up HNT for greater heights as the rewards system and the merge of Solana and Helium happens at nearly the same time.

With the token’s price at $2.9, HNT is expected to face challenges in the short to medium term as volatility enters the market. If the token’s current support is broken, investors and traders might have a hard time to revert back to its current price point.

Crypto total market cap at $932 million on the daily chart | Chart: TradingView.com

However, with the onset of its merge with Solana and the rewards system public beta launch, we might see less pain in the medium to long term. Investors and traders should also watch the token’s high correlation with Bitcoin as this could influence the price of HNT strongly.

For now, investors and traders are safe to hold HNT as this rejection could be quickly dealt with with external bullish prospects.

Featured image: Crestline

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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