HNT, the native token of the Helium ecosystem, has defied the broader crypto market trends, surging by 21% over the past two days. This rise is attributed to the continued growth of Helium Mobile’s subscriber base and the expansion of its hotspot network. As other major cryptocurrencies experienced declines, HNT has emerged as a standout performer.
Helium Mobile Subscriber Growth Fuels Surge
According to data from TradingView, HNT’s price rose from a low of $7.50 on 5th September to an intraday high of $8.35, marking the highest levels seen since March 2024. This rally has placed HNT at the top of the list of biggest gainers among the top 100 cryptocurrencies by market value, as reported by CoinMarketCap.
HNT/USD four-hour chart. Source: TradingView
While the total crypto market valuation dropped by 1.67% over the last 24 hours to $2 trillion, HNT’s rise stood in sharp contrast. Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, dropped by 2.5% and 3%, respectively.
Helium Mobile’s Network Expansion Boosts Ecosystem
Helium Mobile has been strengthening its position in the telecommunications sector, hitting several significant milestones in its growth. The platform utilizes the Helium network to connect to hotspots globally, allowing for data sharing and communication without relying on traditional cellular networks or WiFi.
Top 10 gainers Sept. 5. Source: CoinMarketCap
The number of Helium Mobile subscribers surpassed 100,000 in early August and now stands at 112,709 as of 4th September. This represents a 300-fold increase in subscribers over the past year. Similarly, the number of hotspots has grown from just 11 in September 2023 to 18,355 at the time of writing. The Helium network has expanded significantly in the United States and Western Europe, with a growing presence in Latin America and Asia.
Technical Analysis Suggests Further Gains for HNT
From a technical perspective, HNT is trading within an ascending parallel channel, indicating that the uptrend could continue. The token is trading above all major moving averages, suggesting strong support on the downside.
Helium Mobile subscribers. Helium Mobile
Bulls will now attempt to push the price above the middle boundary of the channel at $8.50. If HNT remains within the channel, it could potentially reach the target of $10.50, according to the prevailing chart pattern.
This upward trend is driven by Helium’s robust Decentralised Physical Infrastructure Networks (DePIN) narrative, which has positively impacted HNT’s price and market outlook.
