September started off poorly for the broader cryptocurrency market, as it fell 3% in favor of bears. Despite this, Helium (HNT) continues to shrug off the fear, uncertainty, and doubt that plague the market environment. According to CoinGecko, HNT has defied market consensus, rising over 16% since last week — and outperforming the top 100 cryptocurrencies on Monday.
The Helium ecosystem has been enjoying astonishing gains as it has experienced constant and powerful on-chain changes, several of which have contributed to HNT’s short-term squeeze. The question is whether the token will continue to ride the bearish storm or succumb to the will of the market.
Strong monthly start for helium
While the broader market remains extremely bearish, helium itself is doing well many achievements that support the long-term development of the ecosystem.
— Hel (@helium) August 31, 2024
One of the most crucial is the adoption of HIP-130, or Data-Only MOBILE Hotpots, which allows data transfer only on uncertified devices on the network. On the eve of the voting period, reliable 96% voted in favour of the proposal, which will enable the platform to scale up its operations and cover a wider customer service area.
Helium also made a number of novel partners in August, solidifying its position as a leading decentralized physical infrastructure (DePIN) provider. Spherical Laboratoriescryptocurrency payments platform, has partnered with the network that has opened up the possibility for Helium Mobile users to pay for their monthly bill on the platform with cryptocurrency. The two companies have also launched a promotion in which users who pay with cryptocurrency will receive a monthly discount on their subscriptions.
Tesla owners can now exploit the Helium Network via Dimodecentralized car network, as Tesla has enabled direct integration with the former’s app, giving users the ability to monetize their data. It uses the Helium IoT network, sending data through Helium every 30 seconds.
When it comes to networking, the Helium mobile arm has mighty start with sign-ups peaking at over 122,000 novel users. The Carrier Offload beta also proved to be a stunning success, surpassing 600,000 users and transferring over 16 terabytes of data through the program.
Rejection forces HNT into narrow trading range
Given the hostile market environment, HNT’s momentum will inevitably fade, which will cause mid-term pain for token holders. The rejection of the $7.4 price point left HNT bulls hoping for a return to the broader market bull market.
HNT will settle in the $7-$7.4 range, leaving little room for bulls and bears to maneuver. The token’s moderate Relative Strength Index (RSI) opens up the possibility for bulls to create momentum in HNT’s current trading range.
However, with little support from the broader market, the rebound will occur in the medium to long term, not the brief term.
Featured image from Medium, chart from TradingView
