Helium spikes 51% in August as investors favor new proposals

As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I must admit that Helium (HNT) has certainly caught my attention this month. The impressive 51% surge outperforming the broader altcoin market is nothing short of remarkable.

During August, Helium, known as Solana’s leading Decentralized Public Infrastructure Network, consistently outshone the overall altcoin market.

Over the past thirty days, I’ve observed a remarkable surge in the value of Helium (HNT), with an astounding increase of more than 51%. This impressive growth outstripped that of the top 100 altcoins currently circulating in the market. Today alone, HNT has attained an intraday peak of $7.33, representing a daily rise of approximately 2.4%. The momentum behind this crypto asset is truly noteworthy!

Since the massive crash of both the cryptocurrency and stock markets on August 5, which led to over a billion dollars in liquidations across the globe’s cryptocurrency market, helium has nearly doubled from its lowest price of $3.65.

The monthly hike in Helium’s price comes as its community strongly supported the HIP130 and HIP131 proposals. This decision enables all compatible Wi-Fi access points to be set up to support operators such as Helium Mobile.

Mobile Network Proposals HIP 130 and 131 have been approved!🎉🎉

— Helium Foundation 🎈 (@HeliumFndn) August 28, 2024

Instead, let me rephrase it for you: Proposal HIP131 gives service providers permission to boost Hex zones, concentrating initially on high-profit areas. Implementation of these proposals will begin 7 days after they’ve been announced.

Additionally, there has been much talk in the crypto world about how Helium could revolutionize wireless infrastructure. In contrast to conventional methods where large telecom companies must spend vast amounts on constructing new cell towers to expand coverage, Helium offers an innovative approach by utilizing a decentralized network of mobile devices for increased wireless reach.

Additionally, HNT saw increased popularity following its announcement of trials with two significant U.S. telecommunications companies for testing the transfer of network traffic onto the Helium MOBILE network. This carrier offload trial includes over half a million users taking part in these tests.

This approach might enable these telecom companies to reduce expenses and boost coverage by transferring some users to the Helium Network. Simultaneously, the Helium Network stands to gain from higher traffic, earnings channeled toward its hotspot operators, and a rise in the value of HNT tokens due to increased token burning.

As an analyst, I’ve been tracking the growth of Helium’s network, and here’s what I’ve observed. Currently, their MOBILE network boasts approximately 20,680 active hotspots, a number that’s consistently on the rise. Moreover, their Internet of Things (IoT) solution is being implemented in around 357,359 locations worldwide. This figure too shows no signs of slowing down.

As an analyst, I’ve noticed a notable surge in the price rally for HNT, which seems to be driven by a 65% increase in total open interest. This rise suggests a heightened level of trader engagement, as the open interest in the futures market has climbed up to $7.43 million – a figure not seen since April and significantly higher than the recent low of $2.35 million earlier this month.

The community sentiment on the HNT token was also bullish on CoinGecko and CoinMarketCap.

Analyzing HNT’s technical aspects, we observe a robust upward trend, evident through the golden cross formation where the 50-day and 200-day Moving Averages merge. This significant bullish indicator, along with a Relative Strength Index (RSI) hovering near the mid-50s, suggests a balanced market scenario, suggesting potential for further price growth.

Helium’s price chart shows it’s following a “cup and handle” formation. The current period of sideways movement is analogous to the ‘handle’ portion of this pattern in technical analysis.

With substantial trade activity and an increase in futures contracts, these signs suggest strong market involvement and enthusiasm for Helium’s plans to grow its decentralized network. This could lead to additional increases in the worth of HNT.

Read More

Sorry. No data so far.

2024-08-31 20:38