🌎 Helium Outperforms Altcoin Market with 51% Surge in August

Helium, considered Solana’s largest Decentralized Public Infrastructure Network, has outperformed the broader altcoin market throughout August. Helium (HNT) surged by over 51% in the last 30 days, outperforming the top 100 altcoins. The crypto asset reached an intraday high of $7.33, reflecting a rise of over 2.4% in just one day.

Helium has almost doubled from its lowest point of $3.65, seen on August 5, when the crypto and stock markets faced a downturn, causing over $1 billion in liquidations across the global crypto market.

The monthly increase in Helium’s price is largely due to the community’s strong support for the HIP130 and HIP131 proposals. These decisions enable all compatible Wi-Fi access points to support operators such as Helium Mobile.

HIP 130 passed with 96.62% votes, and HIP 131 passed with 99.37% votes, both surpassing the passing threshold.

With the passing of HIP 130, compatible Wi-Fi access points, including those already deployed in various venues, can be set up to support Helium Mobile. Proposal HIP131 allows service providers to enhance Hex areas, focusing on the top-earning regions. These proposals will be implemented seven days after their announcement.

Recent discussions in the crypto space have also centered on Helium’s potential to reshape wireless infrastructure. Traditionally, expanding coverage requires large carriers to invest in building additional cell towers. Helium offers an alternative by increasing wireless coverage through a decentralized network of mobile nodes.

HNT gained traction following the announcement of trials with two major US telecom companies to test offloading network traffic onto the Helium MOBILE network. The trial involves over 500,000 users, potentially allowing carriers to cut costs and improve coverage by offloading some users to the Helium Network. This strategy could benefit Helium through increased traffic, revenue for hotspot providers, and enhanced value for investors via increased HNT token burns.

According to Helium’s statistics, the MOBILE network currently operates around 20,680 active hotspots, and its IoT solution is deployed across 357,359 locations, with both figures steadily increasing.

The ongoing price rally for HNT is also supported by a 65% surge in total open interest, indicating a rise in trader interest. Open interest in the futures market has climbed to $7.43 million, the highest since April and significantly above the low of $2.35 million earlier this month.

Community sentiment on the HNT token remains bullish. Technical analysis reveals strong momentum, highlighted by the golden cross pattern where the 50-day and 200-day Moving Averages intersect. This bullish signal, combined with a mid-range Relative Strength Index around the mid-50s, indicates balanced market conditions with potential for further gains.

Helium has also developed a cup and handle pattern, where the latest consolidation phase corresponds to the handle part of the pattern. High trading volumes and a spike in open interest in the futures market suggest robust market participation and optimism about Helium’s strategic initiatives to expand its decentralized network, potentially driving further price hikes in HNT’s value.