Metaplex (mplx) 
Helium Token Experiences Reversal Amid Market Sentiment Shift
The Helium token experienced a reversal on August 15 due to profit-taking and a general downturn in the cryptocurrency market. The Helium crypto price fell to $6.50, down by over 13% from its highest point earlier in the week, indicating a local correction.
HNT Still Up by 126% from August Low
Despite the recent pullback, HNT remains one of the best-performing cryptocurrencies since August 5, when most tokens retreated. It has surged by over 126% from its lowest point this month, pushing its market cap to over $1 billion.
The retreat of Helium coincided with a drop in the crypto fear and greed index from this month’s high of 57 to 43. If this decline continues, the index could move into the fear zone, below 40.
The decline also occurred as Bitcoin, Ethereum, and other altcoins retreated. Bitcoin fell from this week’s high of over $60,000 to $58,000, while Ethereum, Solana (SOL), and Binance Coin (BNB) were down by over 4% in the past 24 hours.
Helium’s Solid Fundamentals
Helium has emerged as one of the top-performing cryptocurrencies in recent months, bolstered by its ecosystem growth. The network is reportedly in discussions with two major U.S. carriers, who are conducting tests to offload their traffic onto the MOBILE network. Carrier 1 has over 185,000 subscribers, while Carrier 2 has over 122,000 users participating in the trial.
If these trials are successful, the carriers could save money and offer better coverage, while Helium would benefit from increased traffic and funds, which would flow to hotspot providers.
Helium’s Carrier Offload Program is one of the most promising developments recently, offering clear synergies for both parties. Carriers save costs and improve coverage, while Helium gains more traffic routed through the network.
According to its stats page, Helium MOBILE has almost 20,000 active hotspots, while its IoT solution has 360,000 locations, and these numbers are rising.
Technical Indicators Suggest Potential Upside
Technical analysis suggests that the HNT token could resume its upward trend as it recently formed a golden cross pattern, with the 200-day and 50-day Exponential Moving Averages making a bullish crossover. Historically, this pattern often leads to further upside. For instance, the last time HNT formed this cross in November 2023, the token surged by over 370%.
Helium has also formed a rounded bottom, another bullish pattern. A cross above this week’s high of $7.45 could signal more upside as buyers target the year-to-date high of $11.05, 70% above its August 15 level.
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