• 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%.

Source: Trading View

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.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Two important levels of support remain unbroken for DYDX.
• Higher timeframe bias remains bullish despite the lower timeframe downward momentum.

DYDX made enormous gains in January. Like the rest of the altcoin market, the birth of the new year brought a rally that has lasted close to six weeks. Periods of consolidation and pullback were witnessed during this run, and the token was going through another deep pullback.

Read DYDX’s Price Prediction 2023-24

If Bitcoin can regain its bullishness, DYDX could be one of the tokens which returns strongly to its previous bullish trend. This idea would be invalidated if the token fell beneath a higher timeframe support zone.

The $2.4 zone has seen consolidation in the past- and a bounce in recent days

Source: DYDX/USDT on TradingView

On the 4-hour price chart, it can be seen that the $2.4 region is not only an H4 bullish order block but also a zone beneath which the asset consolidated in late January. Following this phase of consolidation, a violent move upward occurred on 31 January.

Therefore, it is likely that this region will interest a large number of buyers.

The 4-hour RSI has not yet recovered to push above the neutral 50 mark, despite the near 10% bounce within the past three days.

Meanwhile, the OBV made lower highs, even though DYDX burst above the $2.8 resistance with vehemence.

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Although the indicators did not show a sharp bullish disposition, the price action was promising.

Risk must be carefully managed, as Bitcoin sat at a critical support zone of around $21.6k.

Buyers could find some profits by buying the move back above the $2.6 level of support. To the north, $3.25 and $4 can be take-profit levels. Invalidation of this buy would be a drop beneath $2.2 on the daily timeframe, and $2.6 and $2.4 on lower timeframes.

Source: Santiment

Meanwhile, the 30-day MVRV ratio fell toward the zero mark to indicate short-term holders had taken profits.

This was not a sign of bullishness, but it pointed toward the possibility that the selling pressure could soon abate. Weighted sentiment remained negative.

The mean coin age, which had been rising since late December, saw sharp drops in the latter half of January.

This signaled a spike in selling pressure. As things stand, this metric does not show a network-wide accumulation trend.

The exchange flow balance saw a large outflow in recent days. This hinted at accumulation but is not conclusive by itself.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• ROSE’s value and volume surged by over 20% and 200%, respectively, at press time. 
• But there was a hidden RSI divergence which could slow down the uptrend. 

At the time of writing, Oasis Network [ROSE] hiked by 20% with over 200% trading volume, as per Coinmarketcap. However, the uptrend could be slowed because of a hidden RSI divergence and a crucial resistance level. 

Read Oasis Network [ROSE] Price Prediction 2023-24

ROSE hit the resistance level of $0.08047 – Could it face a price rejection?

Source: ROSE/USDT on TradingView

ROSE managed to reclaim its November level but faced an immediate price rejection, forming a bearish order block at $0.07752.

The rejection led to a correction before bulls found steady ground and launched a massive recovery.

 How much are 1,10,100 ROSEs worth?

The rally inflicted a bearish order breaker and mounted over the pre-FTX level. However, the uptrend met another resistance level at $0.08047 and could face price rejection and correction if the previous trend repeats. 

Sellers could sell if ROSE fails to close above $0.08047 and buy back at one of the August support levels of  $0.07752 or the previous bearish order block of $0.07206. 

Similarly, bulls could wait for a daily close above the $0.08047 resistance level and confirmation before entering a long position targeting the $0.01 zone. 

Although the RSI was bullish, it has been making lower lows as price made higher highs, thus painting a hidden divergence. In addition, the RSI hit an overbought zone, lending credence to a likely price reversal.

But the OBV (On Balance Volume) rose sharply, denoting the massive demand for the AI-leaning token, which could boost further uptrend if the trend is sustained.

ROSE recorded a sharp rise in Open Interest (OI) over the weekend

Source: Coinglass

As per Coinglass, ROSE saw a sharp increase in the open interest (OI) rate over the weekend. The surge corresponded with the break above the bearish order block of $0.07206, boosting the uptrend. 

A price rejection at the $0.08047 resistance level alongside an OI drop could show bearish momentum. However, a continued surge in OI could boost bulls to overcome the $0.08047 hurdle, invalidating the bearish trend prediction.  

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• Aptos has seen increased user activity in the past few days.
• APT’s price is set to decline further with a drop in token accumulation.

Following a prolonged rally in price, the fall in buying pressure has led to a decline in Aptos’s [APT] price in the last week. However, according to data from Artemis, amid a decline in APT’s value, the past few days have been marked by increased user activity for the layer 1 (L1) proof-of-stake (PoS) blockchain.

Aptos is up 3.8x YTD

Core Fundamentals are spiking in the last day
– Daily Active Addresses 28.8k up 3x
– Daily Transactions at 265k up 4x

What’s driving growth? pic.twitter.com/aaTQBZzdq4

— Artemis (@Artemis__xyz) February 10, 2023

Is your portfolio green? Check out the Aptos Profit Calculator

Per data from the cryptocurrency metrics aggregator, the count of daily active addresses on the network embarked on a rally on 7 February to peak at 28,800 active addresses on 9 February. As of this writing, active addresses on the network totaled 13,500.

Source: Artemis

Further, the daily transactions count on the network clinched an all-time high of 265,100 on 9 February. Since then, this has decreased by 72%. As of 10 February, the count of transactions completed on the network totaled 73,200. 

Source: Artemis

According to Artemis, the surge in user activity was attributable to “a significant amount of activity on NFTs, DEXs, and wallets” on the Aptos blockchain.

We found https://t.co/3HoPHffn4r to be useful to dig into Aptos related apps but site seems to be temporarily down.

Screenshot from the apstats last week showed a significant amount of activity is on NFTs, DEXs and wallets.

300+ projects and roughly 1-2 projects started daily. pic.twitter.com/aaV9SOMBkA

— Artemis (@Artemis__xyz) February 10, 2023

Read Aptos’ [APT] Price Prediction 2023-2024

APT is for sale, but few are interested

At press time, APT traded at $13.49. After the alt’s price peaked at $19.86 on 26 January, it has since declined by 32%.

The steep decline in APT’s price in the last two weeks is attributable to the waning buying pressure. An assessment of the token’s price movement on the price chart revealed this. 

Key momentum indicators that previously laid at overbought highs were spotted close to the oversold regions at the time of writing. APT’s Relative Strength Index (RSI) was below its neutral spot at 48.88, while its Money Flow Index (MFI) was pegged at 35.29.

These showed that buying momentum has dropped significantly in the past few weeks, as many traders proceeded to cash out their profits on their initial investments. 

With the Chaikin Money Flow (CMF) below the center line at -0.05, APT’s price was bound to decline even further. A negative CMF value indicates that there is more selling pressure than buying pressure. Therefore, as long as the CMF remains in decline, it is reasonable to expect that APT’s price may continue to drop.

Source: APT/USDT on TradingView

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• Bears still had leverage in the market.
• But bulls could gain more influence if they overcome a crucial short-term sell pressure zone.

So far, Fantom [FTM] has shed over 30% of its value in February. The asset dropped from $0.66 to below half a dollar at the time of writing.

It was trading at $0.4617 at press time but could target this immediate support if BTC fails to reclaim the $21.9K level. 

Read Fantom [FTM] Price Prediction 2023-24

The bulls were blocked at a crucial sell pressure area on the lower timeframe chart

Source: FTM/USDT on TradingView

FTM’s extended price correction found a steady ground at $0.4182, enabling bulls to launch a price recovery. But the recovery attempt was shortlived after it hit a crucial sell pressure zone of $0.4797 – $0.4986 on the lower timeframe chart.

Short traders chose to lock profits at this zone, prompting another price drop at the time of writing. Therefore, FTM could retest the immediate $0.4182 support. Sellers could sell at just below $0.4583 and buy back at $0.4182 to lock gains. 

Is your portfolio green? Check out the FTM Profit Calculator

However, bulls may want to wait for buying opportunities at $0.4182 or $0.3961. It will allow them to target the short-term sell pressure area.

Any long positions targeting half-dollar value should be taken if FTM closes above the sell pressure area. But the obstacle could persist if BTC fails to move beyond $21.9K. 

Notably, the Relative Strength Index (RSI) rose but faced rejection as OBV (On Balance Volume) dipped. The inference from the above trend is that buying pressure was limited, giving bears more influence in the market. 

FTM’s sentiment improved slightly

Source: Santiment

As per Santiment, FTM saw a slight improvement in investors’ outlook as evidenced by a flip of the weighted sentiment to positive from negative. It denotes a mild bullish sentiment which could boost bulls’ move into the market. 

However, the demand for FTM in the derivatives market remained flat, as shown by the neutral Funding Rate.

In addition, FTM’s exchange flow balance was positive at press time, meaning more tokens moved into the exchanges. Such a spike is deemed a short-term sell pressure, which could give bears more leverage in the market after hitting the sell pressure zone on the lower timeframe charts.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• HBAR posted a double-digit rally in the past week and the last 24 hours. 
• However, it hit an overbought zone which could weaken the uptrend.

Hedera’s [HBAR] impressive performance could slow down. The asset has been posting double-digit rallies for the last 30 days. In the last 24 hours alone, HBAR hiked by 18%, climbing above its August 2022 high of $0.0832. 

Read Hedera’s [HBAR] Price Prediction 2023-24

However, it could face difficulty moving beyond the June lows, which could pose significant resistance.

The June lows of $0.0872: Can bulls overcome it?

Source: HBAR/USDT on TradingView

On the 120-hour timeframe chart, HBAR was bullish, with an RSI reading of 72. In addition, the OBV (On Balance Volume) showed a sharp uptick, denoting increased trading volumes and buying pressure at the time of writing. 

The strong bullish momentum has pushed HBAR to enter the overbought zone – a ripe condition for a potential reversal. As such, the token could face price rejection around the $0.0872 zone if short traders offload their holdings to lock in profits. 

A drop could follow the selling pressure, pushing HBAR to $0.0829 or $0.0781. These levels can be used as short-selling targets. 

However, a break above $0.0930 would invalidate the above bearish bias. Such an extra upswing could set HBAR to target the June highs of $0.0980.

HBAR saw a negative sentiment despite the sharp rally

Source: Santiment

According to Santiment, HBAR has seen massive development activity, indicating that the network recorded massive building activity in the past few weeks. The development activity has increased in tandem with the price. 

Is your portfolio green? Check out the HBAR Profit Calculator

In addition, the demand remained steady by the time of writing. However, the token’s weighted sentiment was negative despite the improved development activity and price surge. The bearish sentiment could set the market for short-sellers and inflict a price reversal. 

Nevertheless, HBAR’s uptrend could continue if BTC reclaims the $22k zone. Thus, bears should track the king coin’s price actions.

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• VeChain’s total addresses known exceeded the 2 million mark.
• On-chain performance and market indicators looked pretty bearish.

VeChain [VET] reached a new milestone on 10 February, as it crossed the 2-million mark in terms of addresses known. At the time of writing, the value stood at 2,000,435. To simplify, “addresses known” are the total number of addresses that have been seen on the VeChain network. 

Great stuff, and just the beginning. #VeChain will be known the world over in the coming years.

Looking forward to onboarding the global economy, brick by brick. #Web3 #Sustainability #Blockchain #Crypto $VET https://t.co/71ioQU2kw4

— VeChain Foundation (@vechainofficial) February 10, 2023

Interestingly, VeChain achieved this just a few days after it unveiled ‘The Hive,” which is a web-3 and sustainability-focused summit. However, despite this new milestone, things on VeChain’s price front do not look good. As per CoinMarketCap, VET’s price declined by 5% in the last seven days, and at the time of writing, it was trading at $0.02345 with a market capitalization of over $1.7 billion.

A look at VeChain’s on-chain metrics revealed quite a few factors that might have restricted VeChain from climbing up the price ladder. 

Read VeChain’s [VET] Price Prediction 2023-24

Not a good start to 2023?

While VET’s price rallied in January 2023, thanks to the bullish market, things on the metrics front were not as promising as many would have expected. For example, after a spike in demand from the derivatives market in early January, it then dropped, as evident from VET’s Binance funding rate.

Besides that, VET’s development activity has decreased in the last 30 days, which is a negative signal because it indicates fewer efforts by developers to improve the network. LunarCrush’s data revealed that due to the decline in price, VET’s market dominance also fell by over 5% during the last week.

Surprisingly, after registering promising gains in terms of total value locked (TVL) for several weeks, DeFiLlama’s chart pointed out that the increase came to a halt.

Source: Santiment

Nonetheless, positive sentiments around VET remained relatively high throughout the last month, which reflects the crypto community’s trust in VET. Additionally, VET’s social engagement drastically increased by 83% last week, indicating VET’s increased popularity in the crypto space. 

Realistic or not, here’s VET market cap in BTC’s terms

VET stuck between bulls and bears

Like most of the on-chain metrics, several of the market indicators also supported the bears. The MACD displayed a bearish crossover. VET’s Money Flow Index (MFI) registered a downtick, which increases the chances of a continued price plummet. However, the rest of the market indicators suggested otherwise.

As per the Exponential Moving Average (EMA) Ribbon, the bulls still had an edge in the market as the 20-day EMA was above the 55-day EMA. Furthermore, VET’s Chaikin Money Flow (CMF) was still above the neutral mark, which was a development in the bulls’ favor. 

Source: TradingView

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