Despite a generally slow crypto market, Helium’s HNT token has gained attention with an impressive surge of over 20% in just two days. This sudden rise is a bright spot in the otherwise bearish market, as most altcoins have experienced significant declines since their peak earlier this year.
According to Coinmarketcap data, HNT’s price soared from $6.9 on September 4 to $8.31 on September 6, marking its highest point since mid-March 2024. This remarkable performance stands out, especially given that many altcoins have dropped by two to three times their value since the market’s peak in March when Bitcoin (BTC) reached an all-time high of $73,800.
Technical analysis of HNT’s daily chart highlights the token’s strong upward trend, which began in early July. HNT has more than doubled since hitting a low of $3.5 in that month.
The token’s positioning above key exponential moving averages (EMAs)—the 50, 100, and 200-day averages—signals the likelihood of the uptrend continuing. If this momentum holds, HNT could approach the upper boundary of its ascending channel, targeting $10.5 in the short term.
While HNT has been rising, the overall crypto market has seen a dip. The total market capitalization of the cryptocurrency sector fell by 2.86% over the past 24 hours, dropping to $2.08 trillion. Major cryptocurrencies like Bitcoin and Ethereum also experienced losses, with BTC down 0.74% and ETH down over 0.86%.
However, HNT’s standout performance has placed it among the top-performing coins in the top 100 by market capitalization, according to CoinMarketCap data. This contrast further underlines HNT’s exceptional growth.
The primary factor driving the recent success of HNT is the rapid expansion of the Helium ecosystem, particularly Helium Mobile. As of September 6, the number of Helium Mobile subscribers reached 112,709—a staggering increase of more than 300 times since the beginning of 2024. The growth has been particularly pronounced since early August when the subscriber count crossed 100,000.
Helium Mobile allows users to connect to a global network of hotspots, bypassing traditional, centralized mobile and WiFi networks. This decentralized model has resonated with users seeking alternative ways to communicate and share data.
Moreover, Helium’s Hotspot network has also seen significant growth. The number of hotspots worldwide surged from just 11 in September 2023 to 18,355 as of this writing. These hotspots are low-cost hardware devices that act as wireless access points for the Helium blockchain, further expanding the network’s reach.
Data from Helium’s official website shows that the network’s presence has particularly grown in the United States and Western Europe, with emerging networks in Latin America and Asia. Over the past 30 days, Helium Mobile’s network usage has steadily increased, with daily usage estimated at $3,033 as of September 5.
Helium has established itself as a prominent project in the decentralized physical infrastructure networks (DePIN) space, setting a benchmark for other projects to follow. The HNT token is already listed on several major centralized exchanges (CEXs), such as Bybit and Coinbase, and there is anticipation within the crypto community for a future listing on Binance.
With its ecosystem expanding rapidly and its token outperforming most of the market, Helium continues to gain traction as a DePIN leader. The strong upward trajectory of HNT, coupled with increasing user adoption and infrastructure growth, has solidified its position as a notable player in the decentralized communications space.
Related news: Altcoin Market: Signs of Hope Amidst Prolonged Downtrend
