Worldcoin’s WLD is stealing the show with over 40% pump today, as we reported earlier.
However, Helium’s HNT is also performing well with a 20% pump. This surge brought HNT price to over $4.4 at press time.
This also means that after WLD, HNT is now the best performing altcoin in the top 100 per market cap globally.
Analyst Bullish on Helium’s HNT
An analyst who goes by the name “Agonybeard” on Twitter shared his thoughts on why he’s bullish on Helium. Here are his reasons:
Agonybeard points out that Helium is leading in the DePIN narrative, which has potential for exponential growth. He also highlights that Helium has a clear crypto and token use case, with HNT frequently mentioned in discussions about the project.
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The analyst notes that HNT is one of the few Solana-based tokens that funds are comfortable buying. This could potentially increase institutional interest in the token. Additionally, he mentions that the circulating supply is now up to 75%, with a market cap of $650 million, suggesting potential to reach multibillion-dollar levels.
Agonybeard emphasizes Helium’s product-market fit with its mobile phone plan and 5G network. Recent growth includes over 100,000 subscribers, doubling since late February, indicating growing adoption of Helium’s services.
$HNT reposition thesis : • Leading in the DEPIN narrative with potential for exponential growth.• Clear crypto/token use case, with HNT frequently mentioned.• One of the few SOL tokens that funds are comfortable buying.• Circulating supply now up to 75%, with a market…
— Agonybeard ( desperate.eth ) (@Agonybeard) July 17, 2024
Lastly, the analyst suggests that the chart looks promising, with comparisons to legacy mobile carriers adding to speculation on the way up. All in all, when it comes to the HNT price forecast, he’s definitely bullish.
A Long Road to Recovery
It’s worth noting that HNT, like many other cryptos, is still a lot down from its all-time high. The token is currently over 92% below its peak during the 2021 bull run.
While the analyst presents a compelling case for Helium’s potential, it’s important to approach these predictions with caution. The DEPIN narrative is indeed gaining traction in the crypto space, and Helium’s focus on practical applications like mobile networks could set it apart from other projects.
The growing subscriber base is a positive sign, indicating real-world adoption of Helium’s technology. However, the path to becoming a serious competitor to traditional mobile carriers is likely to be challenging and filled with regulatory hurdles.
Read also: ‘Dead’ XRP Price Pumps 40%: Historic Breakout Not Seen in 7 Years Could Spike Major Ripple Rally
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The post Helium Price Pumps 20%, Analyst Explains Why He’s Bullish On HNT appeared first on CaptainAltcoin.
