As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the digital asset market, I can confidently say that September has been a mixed bag so far. However, one coin that seems to be bucking the trend is Helium (HNT). Despite the broader market’s bearish sentiment, HNT has been on a tear, defying expectations and outperforming many of its peers.
As a crypto investor, I found September’s start challenging for the broader market as it shed around 3%, favoring the bears. However, Helium (HNT) remains unfazed by the prevailing fear, uncertainty, and doubt that pervade the current market landscape. Contrary to the general market trend, HNT defied expectations, surging over 16% since last week, even outperforming the top 100 cryptocurrencies on Monday, according to CoinGecko’s data.
The Helium network has seen remarkable growth due to ongoing and robust on-chain advancements, many of which caused a temporary increase in HNT’s value. The question now is whether this token can keep advancing amidst the bearish market conditions or if it will yield to the market’s influence instead.
A Strong Monthly Start For HeliumÂ
Despite a generally pessimistic outlook for the broader market, Helium stands out as it’s thriving with numerous advancements that foster its long-term growth and development.
— Helium (@helium) August 31, 2024
1. A crucial step is the adoption of HIP-130, known as Data-Only MOBILE Hotspots, allowing data transmission exclusively on non-approved devices within the network. Just before the voting period, an impressive 96% voted in favor of this proposal. This endorsement will help expand and broaden our coverage, serving more customers across a larger geographical area.
During August, Helium solidified its status as a leading decentralized physical infrastructure (DePIN) provider by securing several partnerships. Sphere Labs, a cryptocurrency payment platform, teamed up with the network, enabling Helium Mobile users to pay for their monthly bills on the platform using crypto. As an added bonus, both parties launched a promotion where those using crypto to make payments would receive a free month of service on their subscriptions.
Owners of Teslas now have the opportunity to engage with the Helium Network via Dimo, a decentralized automotive network, thanks to Tesla’s direct integration with Dimo’s app. This allows users to earn money by sharing their data. It operates using the Internet of Things (IoT) network of Helium, sending data to Helium every 30 seconds.
As a researcher studying Helium’s mobile network, I am thrilled to report that our initial launch has seen tremendous growth. The number of new users signing up for our service has surpassed 122,000, marking a strong start for us. Moreover, the success of our Carrier Offload Beta program cannot be overstated. It swiftly amassed more than 600,000 users and managed to transmit an impressive 16 terabytes of data through the program. This rapid expansion and high volume of data usage bodes well for the future of our network.
Rejection Forces HNT On Narrow Trading Range
In a challenging market scenario, it’s likely that HNT’s momentum will temporarily wane, causing some discomfort for its investors over the medium term. The failure to break through the $7.4 price barrier has left HNT optimists eagerly awaiting a resurgence of market-wide bullish sentiment.
In simpler terms, the value of HNT is expected to stay within $7 – $7.4, offering limited space for either buyers or sellers to make significant moves. Given the token’s moderate strength index (RSI), it presents an opportunity for the bulls to build up momentum within the current trading range.
Instead, a significant surge might take place in the future, say over a medium to long duration, rather than happening immediately due to limited backing from the wider market.
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2024-09-02 14:11