Helium (HNT) Sees 14.5% Surge in Price Amid Market Downturn

Helium (HNT), a blockchain network focused on the Internet of Things (IoT), has seen a price increase of 14.5% in the last 24 hours, reaching $5.86. This rise stands out as the broader cryptocurrency market faces a downturn, showcasing Helium’s notable gains. With a market capitalization of around $943 million, Helium currently holds the 86th position in global cryptocurrency rankings by market cap.

HNT Trading Volume and Performance

In the past 24 hours, HNT’s trading volume has surged by 16.92%, totaling $67,734,559. During this period, HNT has traded between $5.1063 and $6.0536, demonstrating strong performance despite the market conditions.

Helium’s Network and Recent Developments

Founded in July 2019, Helium facilitates communication among low-powered wireless devices through a decentralized network. The network leverages a system of nodes for efficient data transmission and connectivity across IoT devices.

The recent price surge in HNT follows an announcement from the Helium Foundation regarding voting results. Although the HNT proposal did not pass due to insufficient voter turnout, IOT and MOBILE proposals received over 91% approval. Notably, HIP 112 failed with only 42.52% approval, while HIP 117 received a robust 93.88% approval.

Future Governance Activities and Mobile Sector Updates

A re-vote for the HNT proposal is scheduled, reflecting ongoing governance activities within the Helium community. Arman Dezfuli-Arjomandi, a board member of the Helium Foundation, attributes the price increase to significant updates in Helium’s mobile sector.

Recent updates include the addition of over 62,000 subscribers to unlimited plans, resulting in a daily burn of nearly $3,000 worth of HNT. Integration testing with major players like AT&T and Google Orion has also begun. Additional initiatives such as new business group plans, subscriber stores, and international roaming add-ons have been introduced to enhance user experience.

Strategic Moves and Trading Opportunities

Helium has implemented new features, improved user experience, and launched Helium Free Wi-Fi to benefit local businesses and attract new customers. The network’s efforts to integrate more users into the crypto ecosystem include offering SIM cards on Amazon and targeted advertising on the Solana podcast.

TraderAAG notes that HNT/USDT has broken the diagonal trendline in the 4-hour timeframe, indicating a potential long opportunity for investors. It is advised to wait for a successful retest before entering a long position, with the major resistance level at $5.89 and the support level at $3.435.

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