Investors flock to Helium (HNT) after it showed strength despite the stagnating momentum of the market. According to CoinGecko, the token is up more than 21%, going against the market’s flat trajectory. This came after a cryptic post about Helium’s plans that might indicate a better future for the platform and its users.
With this in mind, HNT continues to be an attractive investment for both users of the platform and those who are chasing gains in the long term. But with the market’s stagnating momentum, investors and traders should exercise caution as any swing by the broader market might lead to a downturn.
Cryptic Message Boosts Investor Interest On HNT
Abhay recently posted a mysterious message that’s hinting at a possible network upgrade soon. This sent the community spiraling into speculation, with Abhay stating that it would be a busy month for the network.
The hype this post generated is substantial as community members await an official announcement for the speculated upgrade that might happen soon.
1.0 – launch a wireless network 2.0 – scale two networks 3.0 – scale all networks
stay tuned, @helium pic.twitter.com/2aNUG8IyDe
— abhay
(@abhay) August 16, 2024
Mobile Carrier Beta Passed, Expands Network Reach
HIP 129 was passed three days back, allowing all Mobile hotspots to participate in the Carrier Beta. This expands the reach of the Carrier Beta which will affect the performance of the network in the long term.
With almost the entire mainland United States having Helium network coverage, the community will observe a jump in the number of users trying to offload Carrier beta. As of press time, over 58,000 users have joined since last week, a net gain of 5,122.
Data usage has also experienced an uptick with an additional 1.5 terabytes of data flowing through the platform.
The token is currently resting above the $7.2 support with the bulls approaching the $8 ceiling confidently. With a strong bullish sentiment backing its trajectory, HNT is set to break through this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investors’ confidence is at its highest as they continue to accumulate the token.
However, the relative strength index (RSI) suggests that the momentum will slow down. But this may occur well after a breakthrough on the $8 ceiling. If this occurs, investors and traders have a shot at $9 in the long term.
Putting the market’s general sentiment into consideration, HNT might experience a slight pullback, possibly returning to the $7-$8 price range before a strong upward push towards $9. This represents a nearly 22% increase in price.
Investors and traders, however, should be mindful of the market as any swing of the broader market might influence the token’s trajectory in more ways than one.
Featured image from Live Science, chart from TradingView
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