HNT bucked the market trend with a 21% increase fueled by the growth of the helium ecosystem
HNT, a native of the Helium ecosystem, has outperformed the crypto market as Helium's mobile subscriber base grew by 21% in the past two days.
According to data from Cointelegraph Markets Pro and TradingView, the price of HNT rose from a low of $7.5 on September 5 to a high of $8.35, a level last seen on March 14, 2024.
HNT/USD Four Hour Chart. Source: TradingView
According to data from CoinMarketCap, the latest rally has put HNT in first place on the list of the top 100 cryptocurrencies by market capitalization.
Top 10 winners as of September 5. Source: CoinMarketCap
In comparison, the overall crypto market value fell in the last 24 hours, down by 1.67%, to rest at $2 trillion. The largest cryptocurrency by market capitalization (BTC) fell by 2.5%, while Ether (ETH) fell by 3%.
The number of subscribers of Helium Mobile has exceeded 112,000
Helium Mobile has strengthened its position in the telecommunications sector and completed several milestones in its growth journey.
Helium Mobile allows for data sharing, tracking and communication without relying on traditional centralized cellular networks or WiFi networks.
At the beginning of August, the number of Helium Mobile subscribers was over 100,000 and stood at 112,709 as of September 4. According to Helium Mobile, the number has increased more than 300 times in one year.
Helium Mobile subscribers. Helium Mobile
Similarly, by September 2023, the number of social media sites worldwide had increased from just 11 to 18,355.
According to the data from the Helium website, the hotspot map of the network shows that the network has grown significantly in the US and Western Europe, Latin America and Asia.
Helium mobile network usage has also increased in the last 30 days. By September 5, the daily total was estimated to have reached 3,033.
Helium Network Statistics: Source: Helium.com
This points to a healthy trend due to the strong depin narrative of helium, with a positive impact on the HNT price.
Related: Price Analysis 9/4: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
The HNT price market setup hints at further gains
From a technical point of view, HNT is trading in an ascending parallel channel, which indicates the continuation of the uptrend.
The chart below shows that the token price is trading above major moving averages, indicating that it has strong support on the downside.
The bulls will now try to press the price above the middle boundary of the channel at $8.50. If the price stays within the channel, it may eventually rise to reach the chart pattern target at $10.50.
HNT/USD Daily Chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
