Helium (HNT) Surges 48% — Here’s What’s Fueling The Rally

As the market action resumes, Helium keeps on surging to the top and draws the attention of investors. According to CoinGecko, the token is up more than 48% since last week. HNT becomes a prime target for both investors and traders looking for an income-making asset in the long run.

Helium Mobile has been in the spotlight as it showed its reliability and strength, coming face to face with major telecom providers in the US. Recently, it flexed its muscles again as it announced the test of two carriers that offload their network traffic to the platform, setting new records once more.

With Helium Mobile’s announcement that the Carrier Offload Beta is now live, two carriers tested the network, bumping network statistics up by a significant margin. 

Our Carrier Offload Beta is now LIVE!

You can now enable your Hotspot to be a part of our Offload Beta in the Builder App or Hotspot Dashboard!

Now, subscribers from several other carriers can connect to and transfer data through your Helium Mobile Hotspot(s). pic.twitter.com/mlHZmQb0G9

— Helium Mobile (@helium_mobile) August 9, 2024

According to the platform’s website, the platform saw almost 60,000 new users from the two carriers while a total of five terabytes worth of data has been offloaded on Helium Mobile. These numbers have been achieved with a mere 89 hotspots in total for both carriers. 

The reliability of the network showed that it can go head-to-head with major players in the telecoms industry despite essentially being the new kid around the block. 

With the focus on decentralized physical infrastructure networks (DePIN) gaining more interest, Helium’s entrance into the telecom industry gives consumers another affordable carrier to choose from. As both postpaid and prepaid plans go up in price, Helium’s position as a cheap and reliable alternative will help it grow in the coming years. 

Percentage-wise, HNT has achieved something great, giving investors and traders gains along with the general upward movement of the market. However, it seems that the token will stabilize on a narrow price range. 

Investors and traders will have to make do with the current $6-$7 price range. This can swing both ways as it leaves both bears and bulls with little to no wiggle room to gain momentum which means the next few days will be crucial for HNT’s short-term viability. 

If the bears get a hold of the momentum, we can expect the token to drop a few percent towards $5.5 before the bulls regain control. But if the opposite were to happen, HNT bulls have the opportunity to regain $8 in the long term, that is if the bullishness continues along with a positive attitude in the general market. 

However, with major macroeconomic indicators being announced soon, investors and traders should expect more volatility in the weeks before HNT returns to a fair market price.

Featured image from The Merkle News, chart from TradingView