Helium price experienced rapid growth and surge over the past week following a rise in subscriber count and hotspots. The HNT token surged by over 18% despite ongoing predictions of a sub-$50,000 Bitcoin price. HNT token was the third largest gainer on the CoinGecko top 100 crypto assets behind Toncoin (TON) and Sui (SUI). Technical analysis shows that the HNT price is not done, as the recovery path hints at a potential 63% surge inbound.
Helium Price Surges As Mobile’s Subscriber Count Exceeds 112,000
Helium mobile subscriber count surpassed 112,000, resulting in a spike in its price only two months after the number of subscribers exceeded 100,000, causing a 40% spike in HNT price. This marks a 300-fold increase in just one year, an expansion that indicates the growing adoption of the decentralized wireless network.
Helium is a decentralized physical infrastructure network (DePIN) project for Internet of Things (IoT) devices that enables devices to communicate and share data across the network by connecting to nodes called Hotspots, which serve as wireless gateways and blockchain miners.
Alongside the growth in subscribers, the overall usage of the network has seen a substantial increase, suggesting that more people and devices may be utilizing Helium’s services for data sharing, tracking, and communication.
[Global Map of Helium Hotspots | Source: Helium]In addition to its strong fundamentals, Helium’s active token burn mechanism reduces the circulating supply of HNT, further contributing to its price increase. As the supply decreases, the growing demand helps drive the Helium price higher.
HNT Price Analysis Shows Potential For 63% Extended Gains
After a more than 128% increase in less than two months, Helium price is ready to surge even higher. The price of HNT reached a yearly high of $11.06 on February 12, 2024, before retracing all the down to $2.88. Helium price hit the yearly bottom on July 1, bouncing off the 0.786 Fibonacci retracement level before beginning its current rally.
HNT price may find resistance around $9.00, which aligns with the 23.6% Fibonacci level. A break above this could lead to a move towards $11.50 – $12.00, near the previous high, with the potential of reaching $14.00 if momentum continues. This would be a 63% increase from the current price.
Helium Price Analysis Chart
On the other hand, the nearest support zone lies between $6.00 and $7.00, marked by the 61.8% Fibonacci retracement level. If a retracement occurs, this will act as a critical level to watch.
The overall sentiment around the Helium price has been positive, driven by its unique DePIN narrative. Technical indicators show potential for further gains amid a strong bullish trend, which will likely attract even more project investors.
The post Why Helium Price Is Skyrocketing As Mobile’s Subscriber Count Soars to 112K appeared first on CoinGape.
