Helium’s native token, HNT, has emerged as a standout performer among the top 100 cryptocurrencies, bucking the broader market downturn that has left many altcoins in decline.
On August 27, the price of Helium (HNT) surged by 14%, reaching $7.17, pushing its market capitalization beyond $1.6 billion. This price rally also led to a 160% spike in HNT’s daily trading volume, which hit $31 million.
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This recent price jump comes ahead of a community call scheduled for August 28 at 16:00 UTC. The event, hosted on Helium’s Discord channel, will gather developers, hotspot owners, and community members to discuss governance protocols and other key issues within the Helium ecosystem.
The cryptocurrency community has been abuzz with discussions about Helium’s potential to revolutionize wireless infrastructure. Traditionally, large telecom operators have expanded coverage by building additional cell towers, a process that demands significant capital investment. Helium, however, offers a decentralized alternative by creating a network of mobile nodes to enhance wireless coverage.
The Helium network is reportedly in discussions with two major U.S. carriers who are currently testing the offloading of their traffic onto the MOBILE network. The first carrier, with approximately 185,000 customers, and the second, with over 122,000 users, are participating in this trial.
Should these tests prove successful, the carriers could potentially reduce costs while expanding their coverage, and Helium would benefit from increased traffic and revenue for hotspot operators.
According to Helium’s statistics page, the Helium MOBILE network has around 20,000 active hotspots, while its IoT solution boasts 360,000 locations, with these numbers continuing to grow.
You may also be interested in: Helium Experiences a 12% Increase Amidst Partnership Trials with Major U.S. Carriers Data from Coinglass indicates that HNT’s total open interest has risen by 65% to $6.71, highlighting a growing interest among traders, which could be fueling the ongoing price surge.
Furthermore, market intelligence platforms show that HNT’s aggregated funding rates are hovering around 0.0049%, reflecting a bullish sentiment among traders regarding HNT’s price trajectory.
The Relative Strength Index (RSI) currently sits at 58.82, suggesting that HNT’s price could continue to rise before hitting overbought levels. Additionally, the Stochastic RSI, another indicator, also points to Helium being undervalued at this time.
Both of these indicators suggest that HNT might experience further gains before entering an overbought zone, where a potential price reversal could occur.
