Helium up 14% in last 24 hours, defying broader market slump

HNT, the native token of the Helium network, is leading the rise among the top 100 cryptocurrencies today, leaving other altcoins, which are mostly in decline, behind.

On August 27, Helium (HNT) price increased by 14% to $7.17, while the market value of the crypto asset exceeded the $1.6 billion mark. Following the price increase, HNT’s daily trading volume increased by 160% to $31 million.

The latest jump in HNT’s price came with a community call held on August 28 at 16 UTC to provide updates and discussions regarding the Helium Network. The monthly event brings together developers, hotspot owners, and community members to discuss protocol governance and other concerns related to the Helium ecosystem.

The monthly Helium Network Community Call will take place this week on Wednesday, August 28, 2024 at 16:00 UTC on the Helium Discord.

Join the event here: https://t.co/8Xltmtpqa2.

This call is an incredible opportunity for developers, Hotspot owners and all members… pic.twitter.com/SqGjfdnNYS

— Helium🎈 (@helium) August 26, 2024

The meeting will take place on Helium’s Discord channel.

Recent conversations in the crypto space have focused on Helium’s potential to transform wireless infrastructure. Traditionally, major carriers had to build more cell towers to increase coverage, requiring significant capital expenditure. Helium, on the other hand, offers a new technique for increasing wireless coverage through a decentralized network of mobile nodes.

The network is apparently in contact with two major US carriers that are testing transferring their traffic to MOBILE. Carrier 1 has about 185,000 customers and Carrier 2 has over 122,000 users participating in the trial.

If effective, carriers could save money and provide broader coverage, while Helium could profit from increased traffic and funds flowing to hotspot providers.

According to the statistics page, Helium MOBILE has around 20,000 active access points, while the IoT solution has 360,000 locations, and these numbers are growing.

Coinglass data shows that HNT’s total open interest increased by 65% ​​to $6.71, indicating increased investor interest in the altcoin, which is supporting the new coin’s upward price rally.

Data from the market intelligence platform also shows that total funding rates raised by HNT are hovering at 0.0049%, indicating that investors are positive about WIF’s price increase.

The Relative Strength Index is currently at 58.82, suggesting that there may be room for the price to move higher before it is considered overvalued. Another indicator, the Stochastic RSI, also suggests that Helium is currently underbought.

HNT price, RSI and Stoch RSI – August 27 | Source: crypto.news

Both indicators suggest that HNT’s price could see a significant rally before reaching the overbought region where the token could experience a comeback.