September began weak for the broader crypto market because it burned down 3% in favor of the bears. Despite this, Helium (HNT) continues to shrug off the fear, uncertainty, and doubt that plague the market environment. In line with CoinGecko, HNT went against the market consensus, rising over 16% since last week — and outperforming the highest 100 cryptocurrencies on Monday.
The Helium ecosystem boasts astonishing gains because it experiences continued and robust on-chain developments, several of which contributed to HNT’s short-term squeeze. The query is whether or not the token will proceed to push through the bearish storm or succumb to the market’s will.
A Strong Monthly Start For Helium
Although the broader market stays exceedingly bearish, Helium in itself is performing well with multiple developments that support the ecosystem to flourish long-term.
https://t.co/DgVMud1HbD
— Helium (@helium) August 31, 2024
One of the crucial vital is the passing of HIP-130, or the Data-Only MOBILE Hotpots, which enables data transfer only on non-certified devices on the network. On the eve of the voting period, a whopping 96% voted for the approval of the proposal, which can aid the platform to scale and canopy a wider area to service customers.
Helium also secured multiple partners throughout August because it continued to cement its position as a premier decentralized physical infrastructure (DePIN) solution. Sphere Labs, a crypto payment platform, partnered with the network which opened an avenue for Helium Mobile users to pay with crypto for his or her monthly bill on the platform. The 2 also launched a promo where users paying with crypto will get a month off on their subscriptions.
Tesla owners can now experience the Helium Network through Dimo, a decentralized automobile network, as Tesla enabled direct integration with the previous’s application, giving users the power to monetize their data. It utilizes the Helium’s IOT network, sending data through Helium every 30 seconds.
Network-wise, the mobile arm of Helium has a robust start with sign-ups peaking at over 122,00 recent users. The Carrier Offload Beta was also a shocking success because it rocketed past 600,000 users, pouring over 16 terabytes of knowledge through this system.
Rejection Forces HNT On Narrow Trading Range
With the market’s hostile environment, HNT’s momentum will inevitably die off leading to medium-term pain for holders of the token. The rejection of the $7.4 price ceiling left HNT bulls hoping for the return of bullishness within the broader market.
HNT will stabilize between $7-$7.4 trading range leaving each bulls and bears with little wiggle room to maneuver. The token’s middling relative strength index (RSI) opens the chance for the bulls to create momentum in HNT’s current trading range.
Nonetheless, with little support from the broader market, the breakthrough rally will occur within the medium to long run as an alternative of the short term.
Featured image from Medium, chart from TradingView