After the market’s extreme overreaction yesterday, Helium, and the entire crypto market, booms in value. According to the latest market data, HNT rocketed up by 31% in the past 24 hours representing a strong flip from bearish to bullish.
Helium’s recent performance can be attributed to a strong investor base, built over the years by constant innovation that was only overrun by market anxiety since 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 most mainstream crypto-base products in the market. With Helium’s entry into the telecom industry, its mobile arm has garnered 106,765 signups with a little under 15,000 hotspots deployed.
This is huge. With Helium Mobile leveraging the network’s established web of hotspots around the globe may open more opportunities for the platform to establish itself within the retail space. As of writing, the Helium network boasts 380,629 hotspots, accounting for the total number of LoRaWAN and 5G devices.
Mobile’s entry into the telecom industry was smoothened further by its Carrier Offload Program. The program enables users from different carriers to connect 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 average phone plan price in the United States becoming more expensive, a new alternative, albeit small and somewhat in the works like Helium Mobile remains an attractive deal for the average Joe.
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 in the burning of DCs, contributing to the network’s finances.
HNT: Turning Point Or False Flag?
Current market conditions are unpredictable. Market volatility increased because investors and traders realized they had overreacted to the market correction and interpreted it as a hint of further sell-off, creating a self-fulfilling prophecy.
As of writing, HNT is back on top of its May levels which can 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 within equity markets, we might see a return to bullish attitude in the next few weeks.
Investors and traders should exercise caution, keeping an eye on the performance of the broader crypto market before making a move. The bulls are expected to hold on to $4.439 as a support before any movement upward.
Featured image from Pexels, chart from TradingView
Source: NewsBTC