HNT defies market trend with a 21% surge fueled by Helium ecosystem growth
2024.09.05 16:27
HNT, the native token of the Helium ecosystem, has outperformed the crypto market with a 21% surge over the last two days as Helium’s mobile subscriber count continues to grow.
Data from Cointelegraph Markets Pro and TradingView shows that HNT price rose from a low of $7.5 on Sept. 5 to reach an intraday high of $8.35, levels last seen on March 14, 2024.
HNT/USD four-hour chart. Source: TradingView
According to data from CoinMarketCap, the latest rally places HNT at the first spot on the list of the biggest gainers among the top 100 cryptocurrencies by market value.
Top 10 gainers Sept. 5. Source: CoinMarketCap
In comparison, the total crypto market valuation has dropped over the last 24 hours, down 1.67% to rest at $2 trillion. Bitcoin (BTC), the biggest cryptocurrency by market capitalization, dropped by 2.5%, while Ether (ETH) fell by 3%.
Helium Mobile’s subscriber count surpasses 112,000
Helium Mobile has reinforced its position in the telecommunication sector, meeting several milestones in its growth trajectory.
Helium Mobile uses the Helium network to connect to hotspots around the world, allowing for data sharing, tracking and communication without relying on traditional centralized cellular networks or WiFi networks.
The number of Helium Mobile subscribers exceeded 100,000 in early August and stood at 112,709 as of Sept. 4. According to Helium Mobile data, the tally has increased over 300-fold in one year.
Helium Mobile subscribers. Helium Mobile
Similarly, the number of hotspots worldwide has increased from just 11 in September 2023 to 18,355 at the time of publication.
According to data from the Helium website, the Hotspot map showed that its network had grown significantly in the United States, and Western Europe, with a growing presence in Latin America and Asia.
The Helium Mobile network usage has also grown in the last 30 days. On Sept. 5, the daily total usage was estimated to reach 3,033.
Helium network statistics: Source: Helium.com
This points to a healthy trend owing to Helium’s powerful DePIN narrative, positively impacting HNT price.
Related: Price analysis 9/4: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
HNT price market setup hints at further gains
From a technical point of view, HNT is trading within an ascending parallel channel, suggesting the continuation of the uptrend.
The chart below shows that the token’s price is trading above all the major moving averages, an indication that it enjoys robust support on the downside.
The bulls will now attempt to push the price above the middle boundary of the channel at $8.50. If the price remains within the channel, it could eventually rise to reach the target of the prevailing chart pattern at $10.50.
HNT/USD daily chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
