Helium, a blockchain-based network for the Internet of Things, saw a price surge of 12% on Aug. 10, making it one of the top gainers in the crypto market. As of now, Helium (HNT) is still up 10%, trading at $6.5 according to recent data. The daily trading volume for HNT increased by 9%, reaching approximately $29.7 million, with a market cap of $1.1 billion, positioning it as the 68th largest cryptocurrency.

The token’s price has surged by 80% since its low of $3.65 on Aug. 5, coinciding with a crash in both crypto and stock markets, which resulted in over $1 billion in liquidations. Despite this recovery, HNT remains down 88% from its all-time high of $55.2 recorded in November 2021.

Founded in 2013 by Helium Inc., Helium facilitates wireless communication for IoT devices globally through its decentralized blockchain network. This setup offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points using Hotspots.

The recent price increase follows an Aug. 9 announcement that two major U.S. carriers have begun testing to offload their traffic onto the Helium mobile network. According to the charts, approximately 307,860 subscribers from these carriers are participating in the beta offload program. The involvement of these carriers highlights the potential of decentralized infrastructure, with initial results showing promising metrics.

Notably, Helium’s latest price positions it above the upper Bollinger Band at $6.4100, the middle band at $5.1526, and the lower band at $3.8953. This indicates a significant rise beyond the typical upper limit of its trading range. While the price surpassing the upper Bollinger Band may suggest early signs of an overbought condition, the extent of this excess usually signals strong bullish momentum, suggesting there may be additional growth potential before encountering resistance or a possible retracement.

Additionally, the Relative Strength Index (RSI) is currently at 69, indicating that the cryptocurrency may soon reach an overbought level, suggesting a potential retracement could be near. However, market analysts remain optimistic about Helium’s prospects.

In an Aug. 10 post, analyst Javon Marks noted that Helium has broken out of its secondary setup, signaling a strong upward trend, which may lead to a potential rise in HNT to $52.76, representing a potential increase of over 651%.

As of now, HNT has validated its support at $4.07 and is moving towards the next target of $8.3 with significant volume. Analysts are also anticipating Bitcoin to maintain a bullish trend.

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