The decentralized blockchain-powered network, Helium (HNT), has experienced a significant price increase of 12.68% in the last 24 hours, despite the overall cryptocurrency market downturn. Currently trading at $5.13, Helium holds a market capitalization of $825,682,305, ranking at #98 in the cryptocurrency market cap list.

The trading volume for HNT in the past 24 hours has jumped by 165.68%, reaching $58,037,104. During this period, HNT has traded between $4.53 and $5.52, indicating its strong performance even amidst the market fluctuations.

What Is Helium (HNT)?

Launched in July 2019, Helium is a decentralized blockchain network that allows low-powered wireless devices to communicate with each other and exchange data across its node network. By enabling IoT devices to connect seamlessly, Helium creates a robust ecosystem for data transmission and communication.

Helium Mobile Update Impact on Price Surge

Arman Dezfuli-Arjomandi, an X user, attributes Helium's recent price spike to its mobile update, which has seen significant advancements and user adoption. Notable updates include the addition of unlimited plan subscribers, integration testing with AT&T and Google Orion, launch of business group plans, international roaming add-ons, and introduction of SIM cards on Amazon. Additionally, Helium has initiated events in multiple US cities to promote its services.

Dezfuli-Arjomandi notes that the $20 plan has been self-sufficient with mapping rewards, providing most subscribers with free phone service. This value proposition, along with Helium's status as one of the largest hosted Solana wallet providers, offers opportunities to onboard non-crypto users to Solana.

Technical Analysis: HNT Breaks Diagonal Trendline

Trader TraderAAG observed that HNT/USDT has broken the diagonal trendline on a 4-hour timeframe, signaling a potential long opportunity for investors. TraderAAG recommends waiting for a successful retest before entering a long position, with crucial resistance at PML $5.89 and support at PWL $3.435.

Helium's recent price surge, driven by its mobile update and increasing adoption, showcases the project's resilience in a volatile market. With a focus on expanding its ecosystem and attracting both crypto natives and non-crypto users, Helium's future appears promising in the decentralized IoT network space.

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The information was originally posted on CaptainAltcoin.