HNT bucks market trend, soars 21% on helium ecosystem growth

HNT, the native token of the Helium ecosystem, has surged 21% over the past two days, outpacing the cryptocurrency market as Helium’s mobile subscriber base continues to grow.

According to data from Cointelegraph Markets Pro and TradingView, the HNT price rose from a low of $7.5 on September 5 to reach an intraday high of $8.35, the first time this level has been reached since March 14, 2024.

According to data from CoinMarketCap, the recent rally has put HNT at the top of the list of the top 100 cryptocurrencies by market cap.

By comparison, the total cryptocurrency market cap has fallen by 1.67% over the past 24 hours, sitting at $2 trillion. The largest cryptocurrency by market cap, Bitcoin (BTC), has fallen by 2.5%, while Ether (ETH) has fallen by 3%.

Helium Mobile Subscribers Surpass 112,000

Helium Mobile has strengthened its position in the telecommunications sector and achieved several milestones in its growth trajectory.

Helium Mobile connects to hotspots around the world using the Helium Network, allowing you to share data, track, and communicate without relying on traditional centralized cellular or WiFi networks.

Helium Mobile subscribers surpassed 100,000 in early August and reached 112,709 as of September 4. This is a more than 300-fold increase in just one year, according to Helium Mobile data.

Similarly, the number of hotspots worldwide has increased from 11 in September 2023 to 18,355 at the time of publication of this report.

According to data from the Helium website, the hotspot map shows that the network has grown significantly in the US and Western Europe, with growing influence in Latin America and Asia.

Helium mobile network usage has also increased over the past 30 days. On September 5, the daily total was estimated at 3,033.

This indicates a healthy trend driven by Helium’s strong DePIN narrative, which should have a positive impact on the HNT price.

relevant: Price Analysis 9/4: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

HNT price market setup suggests further upside.

From a technical perspective, HNT is trading within an ascending parallel channel, which looks set to continue the uptrend.

The chart below shows that the token’s price is trading above all major moving averages, indicating strong support in a downtrend.

The bulls will now try to push the price above the middle boundary of the channel at $8.50. If the price stays within the channel, it could eventually rise to $10.50, which is the target of the dominant chart pattern.