Helium’s HNT token has showcased significant growth amid a broader downturn in the Decentralized Physical Infrastructure Network (DePin) market. According to CoinGecko, over the past 24 hours, the DePin sector witnessed a 6.5% decline in market capitalization, dropping to approximately $22.7 billion.
Despite this, Helium’s HNT has surged by an impressive 36.9% over the last seven days.
Helium Price Enters Overbought Zone
Helium, a decentralized blockchain designed for the Internet of Things (IoT), leverages a network of hotspots that serve as wireless gateways. These devices facilitate communication and data sharing among IoT devices.
Helium rewards hotspot owners with HNT tokens for their network coverage and connectivity verification contributions. This model has proven particularly appealing as Helium continues expanding its infrastructure and capabilities.
“Helium stands out as one of the foremost DePIN projects, having established the largest global network with nearly 1 million hotspots. As Helium successfully secures contracts and generates substantial revenue across its network, attention will inevitably shift to other DePIN networks tackling real-world challenges through a blend of hardware, a unified software layer, and crypto economics,” Tom Trowbridge, Co-Founder of Fluence, told BeInCrypto.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Recently, Helium Mobile achieved a significant milestone by surpassing 100,000 mobile subscribers. The latest figures from a Dune dashboard show a total of 103,081 subscribers. Furthermore, there has been an 8% increase in monthly subscribers, as represented through non-fungible tokens (NFTs), over the past month.
“The entire sector is eagerly anticipating Helium’s success in demonstrating the potential of DePIN to the world. Moreover, by targeting the vast telco market, which includes 10 companies valued at over $100 billion each and another 40 valued at over $10 billion each, Helium, currently valued at less than $1 billion, could potentially experience significant upside,” Trowbridge added.
Amir Haleem, the founder of Helium, shed light on recent developments.
“2 of the 3 major US carriers are testing the Helium network as we speak. Only 23 hotspots are included in the beta, and they have served over 183,000 subscribers already,” Haleem said.
Despite the recent rally, which saw HNT prices increase by 75% in just 15 days, there are chances of slowdowns. The token is trading around a resistance at $5.230. Moreover, with the Relative Strength Index (RSI) reaching 77—an indication of being overbought—there might be a temporary pullback as selling pressure mounts.
However, if the momentum sustains, HNT prices could stabilize between $4.926 and $5.230, allowing the RSI to cool down before the price resumes its upward trajectory.
Read more: Helium (HNT) Price Prediction 2024/2025/2030
It’s important to consider Helium’s year-to-date performance, which remains approximately 30% down. This contextualizes the recent gains as a recovery phase rather than an outright boom, suggesting cautious optimism among investors.
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