After the market’s extreme overreaction yesterday, Helium, and your entire crypto market, booms in value. In keeping with the latest market data, HNT rocketed up by 31% prior to now 24 hours representing a robust flip from bearish to bullish.
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Helium’s recent performance will be attributed to a robust investor base, built through the years by constant innovation that was only overrun by market anxiety because the market’s correction phase. Despite this, the platform has continued to innovate despite the lingering bearishness still felt today.
Helium Mobile Users Skyrocket, Bringing HNT Mainstream
Since its launch in 2023, Helium Mobile continues to rise as one of the mainstream crypto-base products out there. With Helium’s entry into the telecom industry, its mobile arm has garnered 106,765 signups with slightly under 15,000 hotspots deployed.
This is large. With Helium Mobile leveraging the network’s established web of hotspots across the globe may open more opportunities for the platform to determine itself throughout the retail space. As of writing, the Helium network boasts 380,629 hotspots, accounting for the overall variety of LoRaWAN and 5G devices.
HNT is currently trading at $4.47. Chart: TradingView
Mobile’s entry into the telecom industry was smoothened further by its Carrier Offload Program. This system enables users from different carriers to attach with Helium hotspots. As expected, the user count on this metric is higher with nearly 300,000 users from several carriers using only 39 hotspots.
With the common phone plan price in the US becoming more expensive, a recent alternative, albeit small and somewhat within the works like Helium Mobile stays a pretty deal for the common Joe.
Source: Helium
This translates to an increased use of the network which correlates with an uptick in data credit (DC) burning. Messari’s recent overview of Helium shows that the network is currently experiencing strong growth within the burning of DCs, contributing to the network’s funds.
HNT: Turning Point Or False Flag?
Current market conditions are unpredictable. Market volatility increased because investors and traders realized they’d overreacted to the market correction and interpreted it as a touch of further sell-off, making a self-fulfilling prophecy.
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As of writing, HNT is back on top of its May levels which might sustain a small breakthrough towards $4.919. With the market’s current jitters, HNT bulls face market volatility coupled with strong market anxiety.
But with the similar phenomenon happening inside equity markets, we’d see a return to bullish attitude in the subsequent few weeks.
Investors and traders should exercise caution, maintaining a tally of the performance of the broader crypto market before making a move. The bulls are expected to carry on to $4.439 as a support before any movement upward.
Featured image from Pexels, chart from TradingView