Helium’s expansion in decentralized mobile services has majorly backed the surge of HNT tokens- Claims.
In the partnership news in January, the HNT price surged 11.17% on January 26 and 8.07% on January 27, 2024.
Recently, the Helium Network announced that its mobile subscribers exceeded 100k.
Helium (HNT) price has mirrored an outstanding surge in the past 52 weeks, adding 326.14%. Assumingly, there are several reasons for the skyrocketing prices of HNT.
Potential Reason Behind Helium Price Surge
By the end of January 2024, Helium Network and two well-known carriers in the United States had partnered to offload their mobile network congestion to the decentralized ecosystem of Helium.
Telefónica Telecommunication disclosed its strategic partnership with HNT Network to leverage its blockchain to reduce its Network’s cost.
Moreover, the partnership aims to leverage the hotspots of Helium for better coverage in Mexico and Oaxaca. Following the news, HNT price rose 11.17% on January 26 and 8.07% on January 27, 2024.
HNT price grew 4.57% on July 22, 2024, and its price added 2.52% the following day, with a spiked intraday volume of 388.988k. As per speculation, the boost in the price was backed by the announcement, which notes helium mobile subscribers exceeded 100k.
The Network adds that the tally has increased over 300-fold in the past 52 weeks.
Helium (HNT) Price Overview
If bulls continue to dominate, the next resistance is $9.1170, and the next resistance is
$11.1179. As of writing, the HNT price was trading above 20, 50, 100, and 200 days EMA.
Source: TradingView
At press time, HNT was trading at $7.2073 with a decline of 2.06% intraday. However, Helium’s market capitalization lost 5.40% and trading volume declined 27.29%.
Despite this short-term decline, investors and traders remain bullish on HNT. In the past 52 weeks, its highest recorded trading price was $11.04, although its all-time highest trading price was $55.22 on November 21, 2021.
For the coming weeks, analysts claim that the HNT price could break the initial resistance of $9.00.
What is a Helium Network?
As per Helium’s whitepaper, it is a distributed ledger designed to provide a cost-effective way to run an application logic core to operate a DWN, store immutable Device data fingerprints, and furnish a transaction system.
It is an immutable append-only list of transactions that achieves consensus using the Helium Consensus Protocol. The Network uses a new open wireless protocol called WHIP.
WHIP is a long-range, low-power, wireless network protocol suitable for use with commodity open-standards hardware.
Crypto Market Price Update
As of writing, the cryptocurrency market capitalization was at $2.055 Trillion, adding $4.44 Billion intraday. However, the cap registered a growth of 28.03% YTD and 98.65% in 52 weeks.
Bitcoin price lost over 13% of its price in the past 30 days and 14.22% quarterly. Although the market has experienced short-term bearishness, the price has still achieved an impressive annual addition of 126.91%.
Nevertheless, some experts believe that the substantial outflows from the GBTC ETF primarily cause the ongoing decline.
