Harmony’s ONE is back in the spotlight, but this rally comes with a major twist: the original Harmony blockchain has been sunset, and the token is transitioning to Ethereum.
ONE has recorded a powerful rebound, climbing approximately 34% in 24 hours and reaching an intraday high near $0.00209 on Binance. Trading activity has also surged, showing that market attention is returning. However, traders should look beyond the green candles because Harmony is going through one of the biggest structural changes in its history.
1. Harmony’s original blockchain is no longer the main story
Harmony announced plans to sunset its original Layer-1 network and migrate ONE to Ethereum as an ERC-20 token. The network shutdown was subsequently reported as complete, while the new Ethereum token contract was deployed.
The migration is designed to preserve ONE balances at a 1:1 ratio, but users should understand that the new ERC-20 token is not the same thing as an active, independent Harmony blockchain.
The migration also involves important details, including wallet eligibility, balance reconciliation, exchange support and claims for certain assets. Binance.US has published migration guidance confirming the transition to Ethereum ERC-20, while Harmony reported that Binance resumed ERC-20 deposits and withdrawals.
2. Security history remains a major concern
Harmony has experienced serious security incidents, including the 2022 Horizon bridge exploit, which resulted in approximately $97 million in stolen assets.
More recently, unauthorized token creation in 2026 exposed additional weaknesses. Harmony reported that approximately 3.01 trillion forged ONE tokens were involved in the incident, followed by a network rollback and supply reconciliation.
These events make security history and migration transparency important factors when evaluating the token's long-term prospects.
3. What is driving the latest ONE rally?
The Binance market data observed on November 7 showed:
ONE/USDT trading around $0.00201
Approximately 34% gains over 24 hours
Intraday high near $0.00209
Spot trading volume around $32.6 million
Futures turnover around $441 million
The sharp increase in trading activity suggests a significant return of speculative interest. However, high volume does not automatically confirm institutional accumulation or sustainable demand.
4. Futures market signals show rising risk
Open interest increased sharply during the rally, while the latest funding rate turned negative.
This combination suggests that leveraged positioning is increasing and short positions may be crowded. It could create conditions for a short squeeze, but it also increases liquidation risk if the price reverses.
The latest long/short account ratio was approximately 0.72, indicating more short accounts than long accounts in the measured Binance data. This is an account-based metric, not proof that larger traders are net short.
5. Key technical levels traders should watch
ONE has moved above several short-term moving averages, improving its immediate technical structure. However, its daily RSI is elevated near 77, suggesting that the market may be overheated after the rapid move.
Important resistance levels:
$0.00209–$0.00210
$0.00239
$0.00296
$0.00395
Important support levels:
$0.00190–$0.00185
$0.00180
$0.00167
$0.00147
A confirmed break above $0.00210 with strong volume, followed by a successful retest, could strengthen the bullish setup. On the other hand, rejection around this resistance and a breakdown below $0.00190 could expose the lower support zones.
6. Bullish and bearish scenarios
Bullish scenario: A strong 1-hour or 4-hour close above $0.00210, supported by volume and a successful retest, could open the way toward $0.00239 and potentially $0.00296.
Bearish scenario: Failure to break $0.00210, followed by a move below $0.00190, could increase selling pressure toward $0.00180 and $0.00167.
Neither scenario is confirmed yet. Chasing a sharp rally without confirmation carries significant risk.
Final thoughts
Harmony’s migration to Ethereum gives ONE a new token structure, but it does not automatically restore the original network's utility, ecosystem or security reputation. The recent rally demonstrates renewed trading interest, not necessarily a fundamental recovery.
The biggest questions remain migration completion, token distribution, exchange support, security confidence and whether Harmony’s new direction can attract real users.
My view: ONE is a high-risk speculative trade. The short-term momentum is bullish, but the long-term fundamentals remain weak and uncertain. Waiting for confirmation above $0.00210 is more sensible than chasing the current pump.
What do you think about ONE after its Ethereum migration — is this the beginning of a recovery, or just a short-term speculative rally?
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