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Helium, the largest Decentralized Public Infrastructure Network on Solana, continues its strong performance this week.
HNT Price Rally Continues
Helium’s HNT token rose by over 8% on August 29, outperforming all top 100 altcoins. It reached an intraday high of $7.5, bringing its 30-day gains to 50%. Additionally, it has surged by over 100% from its lowest point this month.
The rally followed the community’s overwhelming vote in favor of the HIP130 and HIP131 proposals. These proposals allow compatible Wi-Fi access points to support service providers like Helium Mobile. Proposal HIP 131 enables service providers to affect Hex boosting areas only within the highest earning zones. These changes will take effect seven days after the announcement.
HIP 130 passed with 96.62% votes, and HIP 131 passed with 99.37% votes, both above the passing threshold.
Helium also gained momentum after announcing its collaboration with major US telecom companies to handle carrier offloading tasks. This process reduces network congestion during significant events, such as concerts or sporting events, by offloading some users to the Helium Network. This increases HNT token burns and creates value for investors. The carrier offload test has over 500,000 users.
Technical Indicators and Future Projections
HNT’s rally has occurred in a high-volume environment, indicating substantial demand. Data shows that open interest in the futures market has surged to $7.42 million, its highest point since April and significantly above this month’s low of $2.7 million.
Technical indicators suggest that the ongoing gains may continue. The token has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed, which is a widely recognized bullish sign.
Helium has also formed a cup and handle pattern, with recent consolidation forming the handle section. It has moved to the fifth wave of the impulse Elliot Wave chart pattern, which is typically bullish. Further upside will be confirmed if the price breaks above the key resistance point at $8.036, its highest point on August 18. If this occurs, the token may jump to $11.05, its highest point on February 15, representing a potential 46% gain from the current level.
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