September started weak for the broader crypto market as it burned down 3% in favor of the bears. Despite this, Helium (HNT) continues to shrug off the fear, uncertainty, and doubt that plague the market environment. According to CoinGecko, HNT went against the market consensus, rising over 16% since last week — and outperforming the top 100 cryptocurrencies on Monday.
The Helium ecosystem boasts astonishing gains as it experiences continued and strong on-chain developments, several of which contributed to HNT’s short-term squeeze. The question is whether the token will continue to push through the bearish storm or succumb to the market’s will.
A Strong Monthly Start For Helium
Although the broader market remains exceedingly bearish, Helium in itself is performing well with multiple developments that support the ecosystem to flourish long-term.
— Helium🎈 (@helium) August 31, 2024
One of the most vital is the passing of HIP-130, or the Data-Only MOBILE Hotpots, which enables data transfer only on non-certified devices on the network. On the eve of the voting period, a whopping 96% voted for the approval of the proposal, which will aid the platform to scale and cover a wider area to service customers.
Helium also secured multiple partners throughout August as it continued to cement its position as a premier decentralized physical infrastructure (DePIN) solution. Sphere Labs, a crypto payment platform, partnered with the network which opened an avenue for Helium Mobile users to pay with crypto for their monthly bill on the platform. The two also launched a promo where users paying with crypto will get a month off on their subscriptions.
Tesla owners can now experience the Helium Network through Dimo, a decentralized car network, as Tesla enabled direct integration with the former’s application, giving users the ability to monetize their data. It utilizes the Helium’s IOT network, sending data through Helium every 30 seconds.
Network-wise, the mobile arm of Helium has a strong start with sign-ups peaking at over 122,00 new users. The Carrier Offload Beta was also a stunning success as it rocketed past 600,000 users, pouring over 16 terabytes of data through the program.
Rejection Forces HNT On Narrow Trading Range
With the market’s hostile environment, HNT’s momentum will inevitably die off resulting in medium-term pain for holders of the token. The rejection of the $7.4 price ceiling left HNT bulls hoping for the return of bullishness in the broader market.
HNT will stabilize between $7-$7.4 trading range leaving both bulls and bears with little wiggle room to maneuver. The token’s middling relative strength index (RSI) opens the opportunity for the bulls to create momentum in HNT’s current trading range.
However, with little support from the broader market, the breakthrough rally will occur in the medium to long term instead of the short term.
Featured image from Medium, chart from TradingView