Over the past 52 weeks, the price of Helium (HNT) has surged by 326.14%, thanks to several factors.
Reasons Behind Helium Price Surge
By the end of January 2024, Helium Network partnered with two well-known telecommunication carriers in the U.S. to offload their mobile network congestion to Helium’s decentralized ecosystem. Telefónica Telecommunication disclosed its strategic partnership with Helium to leverage its blockchain to reduce network costs. The partnership also aims to use Helium hotspots for better coverage in Mexico and Oaxaca. Following the news, HNT prices rose by 11.17% on January 26 and 8.07% on January 27, 2024. HNT prices also increased by 4.57% on July 22, 2024, and by 2.52% the following day, driven by the announcement that Helium mobile subscribers exceeded 100,000.
Helium (HNT) Price Overview
If bulls continue to dominate, the next resistance stands at $9.1170, with the next at $11.1179. As of writing, HNT was trading above the EMA for 20, 50, 100, and 200 days. At press time, HNT was trading at $7.2073, down 2.06% intraday. Helium’s market capitalization dropped by 5.40%, and trading volumes declined by 27.29%. Despite the short-term decline, investors and traders remain bullish on HNT. Over the past 52 weeks, its highest recorded price was $11.04, while its all-time high was $55.22 on November 21, 2021. Analysts predict that HNT prices might break the initial resistance of $9.00 in the coming weeks.
What is Helium Network?
According to Helium’s whitepaper, it is a distributed ledger designed to provide a cost-effective way to run application logic core essential to operate a decentralized wireless network (DWN), store immutable device data fingerprints, and furnish a transaction system. The Network uses a new open wireless protocol called WHIP, which is a long-range, low-power wireless networking protocol suitable for use with commodity open-standards hardware.
Helium Network continues to make significant strides in the market, driven by new partnerships and network expansion. Despite short-term fluctuations, experts and traders remain confident in the continued growth of HNT prices.
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