As a seasoned researcher with a decade of experience in the cryptosphere, I can confidently say that the latest surge in Helium (HNT) prices is nothing short of remarkable. Having closely followed the project since its early days, it’s fascinating to witness such a significant comeback.
As an analyst, I’ve observed a robust resurgence this week by the largest Decentralized Public Infrastructure Network on Solana, namely Helium.
HNT price rally continues
On August 29th, the price of Helium (HNT) increased more than 8%, surpassing all other top 100 altcoins. During the day, it peaked at $7.5. This surge has resulted in a 50% rise over the past 30 days for HNT. Furthermore, it has skyrocketed by over 100% from its lowest point this month.
After the community’s strong approval for the HIP130 and HIP131 initiatives, the rally signaled the setup process for Wi-Fi access points that are compatible with services such as Helium Mobile can commence.
In contrast to proposal HIP 131, it grants service providers permission to initiate Hex boosting activities exclusively in the most profitable regions first. These changes will be implemented beginning seven days following the official announcement.
Mobile Network Proposal HIP 130 and HIP 131 were successfully approved 🎉🎉!
— Helium Foundation 🎈 (@HeliumFndn) August 28, 2024
Helium picked up speed when it disclosed its collaborations with prominent U.S. telecom giants, tasked with alleviating network congestion during high-activity periods like major events by managing carrier offloading duties.
In scenarios like concerts or sports games, network providers may transfer some user data to the Helium Network, thereby boosting HNT token destruction and generating benefits for investors. Notably, the carrier offload trial already involves more than half a million users.
Helium forms a golden cross pattern
As a researcher, I’ve noticed an exciting development with HNT’s rally. The volume of trades suggests robust demand, as we’re seeing in this high-activity market environment. Interestingly, the open interest in the futures market has skyrocketed to an impressive $7.42 million—a level not seen since April! This figure is significantly higher than the month’s lowest point of $2.7 million, demonstrating a strong and growing investor interest.
Based on Helium Network Token’s (HNT) technical analysis, it seems that its upward trend might persist further. The token has displayed a golden cross pattern, which occurs when the 50-day and 200-day Exponential Moving Averages (EMA) intersect, often taken as a strong bullish signal by traders.
Helium’s price action resembles a “cup and handle” formation, where the current period of consolidation represents the ‘handle’. This indicates that it has advanced to the fifth stage of the Elliott Wave Impulse chart pattern, a phase generally associated with upward momentum or bullish sentiment.
Should the price surpass its highest point of $8.036 (reached on Aug. 18) as a significant resistance level, there’s a possibility it could climb up to $11.05 – its peak from Feb. 15. This jump would represent approximately a 46% increase from the current price level.
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2024-08-29 17:19