During a week of general market challenges, Helium (HNT) stood out by bucking the trend with a distinct price increase.
Helium has been able to reach over $7 for the first time in four months plus since other cryptocurrencies are plunging due to Bitcoin’s decline. The altcoin is up 45% over the past week as it broke away from Bitcoin.
Helium (HNT) Breaking Away from Bitcoin
This can be explained by a robust investor base built through consistent innovation over the years. Amid market jitters during the correction phase Helium did not back down. It went ahead to introduce game-changing products such as Helium Mobile.
Helium Mobile was launched in 2023. It instantly ranked among the most popular crypto-based products across the globe. It boasts 106,765 signups and over 14999 hotspots installed.
Further expansion into the telecoms sector has further solidified its status. Now there are 380,629 hotspots globally within Helium’s network. This represents both LoRaWAN & 5G devices. This widened user adoption allows helium to penetrate into the retail industry. This push drives growth forward.
Helium’s impressive rally has not gone unnoticed by investors as reflected in the sharp increase in open interest in HNT. Over the past week open interest has more than doubled. It has risen from $2.26 million to $5.95 million. This surge in open interest indicates growing investor confidence and a willingness to participate in Helium’s bullish momentum.
The increased investor activity suggests that the market is beginning to take notice of Helium’s potential as an independent asset. This is rather than merely following Bitcoin’s movements. This renewed confidence could sustain HNT’s upward trajectory in near term. This is provided that the token continues to attract interest.
Eyes on the $8 Mark
As Helium continues to rally attention is now turning to the next key resistance level at $8. Historically, this level has been a significant barrier for HNT. Breaking through it would require strong bullish momentum.
Should the current trend persist Helium could potentially reach this milestone. This would further solidify its position as a leading player in DePin (Decentralized Physical Infrastructure Networks) space.
However, it’s important to note that profit-taking could pose a risk to HNT’s price. If a significant number of holders decide to sell their holdings at this level it could lead to price correction. This could potentially send HNT back to $6.3 support level or even down to psychological support at $5.
Despite risks, Helium’s recent performance and growing investor interest suggest that token could continue its upward trajectory.
