Investors are flocking to Helium (HNT) after it showed strength despite the market’s stagnant momentum. According to Coin geckothe token has risen more than 21%, which goes against the flat trajectory of the market. This came after a cryptic post about Helium’s plans that could indicate a brighter future for the platform and its users.
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With this in mind, HNT remains an attractive investment for both users of the platform and those seeking long-term profits. But with the market’s momentum stalling, investors and traders should be cautious as any move in the broader market could lead to a downturn.
Cryptic message increases investor interest in HNT
Abhay recently posted a mysterious message referring to one possible network upgrade soon. This sent the community into speculation, with Abhay claiming that it would be a busy month for the network.
The hype this post generated is significant as community members await an official announcement for the speculated upgrade that could happen soon.
1.0 – start a wireless network
2.0 – scale two networks
3.0 – scale all networksstay informed, @helium pic.twitter.com/2aNUG8IyDe
— abhay 🎈 (@abhay) August 16, 2024
Mobile provider beta passed, expands network reach
HIP 129 was passed three days ago, allowing all mobile hotspots to participate in the Carrier Beta. This extends the reach of the Carrier Beta, which will impact the network’s performance in the long term.
Because almost the entire continental United States has a Helium network coveragethe community will see a jump in the number of users trying to offload the beta version of Carrier. At the time of writing, more than 58,000 users have joined since last week, a net gain of 5,122.
Data usage has also seen an increase, with another 1.5 terabytes of data flowing through the platform.
Investors win with new opportunities for helium
The token is currently resting above the $7.2 support while the bulls are confidently approaching the $8 ceiling. With strong bullish sentiment supporting its price, HNT will break this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investor confidence is at its highest as they continue to accumulate the token.
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However, the relative strength index (RSI) suggests momentum will slow. But this could happen long after a breach of the $8 ceiling. If this happens, long-term investors and traders have a shot at $9.
Considering the general market sentiment, HNT could experience a slight pullback, possibly returning to the $7-$8 price range, before making a strong upward move towards $9. This means a price increase of almost 22%.
Investors and traders should take the market into account, however, as any fluctuation from the broader market could affect the token’s trajectory in more ways than one.
Featured image from LiveScience, chart from TradingView