Helium (HNT) decouples from the market with consistent gains; here’s why
invezz.com 06 September 2024 08:56, UTC The cryptocurrency market experiences amplified bearishness as Bitcoin dips further from the $60,000 level, currently hovering at $56,621.
While bears continue to tighten their grip, a decentralized physical infrastructure (DePIN) project, Helium (HNT), defies the odds with consistent gains.
While Bitcoin and Ethereum stayed relatively flat over the past day, losing 0.91 and 0.96, respectively, HNT painted its daily chart green following a 10% surge. Further, CoinMarketCap data confirms Helium’s impressive performance in all its timeframes.
HNT gained 9.89%, 20%, 70%, and 440% in the past day, week, month, and year, netting its holders substantial returns.
What’s driving Helium surges?
Ecosystem growth has contributed to Helium’s impressive performance. Amplified network usage amid a quick increase in hotspots and subscribers has kept the crypto project alive even as bears dented the broad market.
Recent stats show Helium Mobile saw a 300x growth within a year, with more than 110,000 subscribers. Also, hotspots have jumped to 18,355 from 11 in that timeframe, reflecting stable demand for DePIN projects.
Helium flourishes as decentralized telecommunication solutions gain traction, and Karl Hungus trusts the altcoin “has achieved mainstream crypto adoption harder than any other project out there.”
With over 110,000+ ppl subscribing to @helium_mobile’s phone plan, and 2 giant telecom companies beginning paid data offload to @helium with their 200+ million customers, it is undeniable that Helium has achieved mainstream crypto adoption harder then any other project out there
Helium Mobile leverages the Helium blockchain to connect to global hotspots for streamlined communications, tracking, and data sharing, alleviating the need for WiFi or traditional cellular networks.
Moreover, the integration of HNT into Anchorage Digital’s self-custody wallet and Helium Mobile’s expansion into Puerto Rico also fueled HNT price actions.
BREAKING: @Solana-based @helium_mobile launches decentralized wireless network services in Puerto Rico
Helium eyes further gains
The native token traded at $8.29 after an impressive surge from the daily low of $7.796. HNT has displayed an upside stance since last week, and the 90% increase in daily trading volume suggests continued upswings.
The technical analysis supports the bullish narrative as Helium trades within a climbing channel. Also, HNT hovers above all significant Moving Averages (50- and 200 MAs), confirming a reliable support barrier.
Notably, the latest upswing saw Helium overcoming the crucial resistance at $7.98, highlighting continued reversals.
The $7.98 region is vital since it represents August’s highest swing point and the top side of an emerging double-top setup.
Helium buyers will now target $8.50 to open the path towards the highlighted channel’s target of $10.50.
In summary, Helium’s bullish performance amid broad market declines reflects the mixed tendencies across the crypto sector. While HNT presents a unique success story, the digital assets industry remains complex for participants.
Helium signals continued surges in the upcoming weeks, and cryptocurrency enthusiasts will follow closely to witness the alt’s extended decouple from the overall market.
Meanwhile, such trends highlight market shifts, with decentralized physical infrastructure projects gaining increased attention.
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