Helium (HNT) Soars Amidst Crypto Downturn, Driven by Mobile Updates and Ecosystem Growth

Helium (HNT), a blockchain-based network for IoT, has surged 14.5% in the past 24 hours amidst a broader cryptocurrency downturn, reaching $5.86. HNT's market capitalization of approximately $943 million places it 86th in global rankings. The surge follows mixed outcomes in the latest voting results from the Helium Foundation, with the IOT and MOBILE proposals passing but the HNT proposal failing due to insufficient voter turnout.

Surge in Helium (HNT) Price Amidst Crypto Downturn

Helium (HNT), the blockchain-based network dedicated to the Internet of Things (IoT), has experienced a notable price surge in recent times. In the past 24 hours, HNT has climbed by 14.5%, currently trading at $5.86.

This surge stands out against the backdrop of a broader downturn in the cryptocurrency sector. Despite the prevailing market conditions, Helium has managed to secure significant gains. As of this writing, Helium boasts a market capitalization of approximately $943 million, ranking it 86th among global cryptocurrencies by market cap, according to CoinMarketCap.

Over the past 24 hours, HNT's trading volume has risen by 16.92%, totaling $67,734,559. During this period, HNT has traded within a range of $5.1063 (low) and $6.0536 (high), demonstrating the token's strong performance amidst the market decline.

Helium Network and Price Surge

Founded in July 2019, Helium has established itself as a decentralized network that facilitates communication between low-powered wireless devices. It utilizes a comprehensive network of nodes to ensure reliable data transmission and connectivity across IoT devices.

The recent price surge in HNT aligns with an announcement from the Helium Foundation, which reported mixed outcomes in its latest voting results. While the HNT proposal failed to pass due to insufficient voter turnout, the IOT and MOBILE proposals were successful, receiving over 91% approval each.

Notably, HIP 112, which proposed scaling IoT hotspot assert fees, was rejected with only 42.52% approval. In contrast, HIP 117, aimed at integrating MNTD as a hotspot vendor for Helium's MOBILE subNetwork, was met with strong support, garnering an impressive 93.88% approval rating. A re-vote for the HNT proposal is scheduled, reflecting the ongoing governance activities within the Helium community.

Mobile Sector Updates and Price Rise

Arman Dezfuli-Arjomandi, a board member of the nonprofit Helium Foundation, attributed the price rise to significant updates in Helium's mobile sector. He highlighted that since the beginning of the year, the network has gained 62,463 subscribers to its unlimited plans, leading to the daily burning of nearly $3,000 worth of HNT due to data usage on Wi-Fi hotspots.

Helium has also initiated preliminary integration testing with major players like AT&T, which boasts 223 million subscribers, and Google Orion for data offload. Other initiatives include the launch of $20 monthly business group plans, a subscriber store for purchasing Hotspots and Pixel phones with MOBILE, and the introduction of international roaming add-ons.

Helium Ecosystem Expansion

Beyond the mobile sector updates, Helium has embarked on several initiatives to expand its ecosystem and attract new users. These include:

• A new discovery mapping feature
• Improved user experience
• Anti-gaming measures
• Launch of Helium Free Wi-Fi, benefiting local businesses
• Availability of SIM cards on Amazon
• Targeted advertising on the Solana podcast
• Three months of free service as an incentive for new users

Arjomandi emphasized that these strategic moves are designed to attract non-crypto natives by providing practical crypto experiences. He also highlighted Helium's status as one of the largest hosted Solana wallet providers, further enhancing its appeal within the crypto ecosystem.

Trading Perspective

From a trading perspective, analyst TraderAAG has observed that the HNT/USDT pair has broken through a diagonal trendline in the 4-hour timeframe, indicating a potential long opportunity. They recommend waiting for a successful retest before entering a long position, with the major resistance level at $5.89 and the support level at $3.435.