- Helium is witnessing a resurgence of growth that could be tied to its collaboration with traditional carriers
- HNT bulls are showing off, but signs indicated potential for a natural correction
As a seasoned crypto investor with a knack for identifying promising projects, I’ve been closely watching Helium’s resurgence. Having seen my fair share of bull runs and bear markets, I can sense the excitement among HNT bulls, but I also see potential signs of a natural correction.
“Helium is one of the cryptocurrency initiatives that focuses on creating decentralized physical infrastructure (DePIN). Although it was among the first in its category, the expansion of its network has been held back due to a slow rate of adoption.”
Though it started off gradually, the use of Helium has recently been increasing at a quicker speed. This trend is noticeable in its rising number of users. Intriguingly, the most recent statistics suggest that its adoption rate has been steadily accelerating over the past year.
The number of Helium’s unlimited plan subscribers has experienced rapid expansion. In fact, just a year ago, the network boasted fewer than 1,000 subscribers in this category. Now, however, Helium counts more than 108,000 subscribers on its unlimited plan – an indicator that it is thriving and in the midst of strong growth.
As a researcher studying mobile payment trends, I’ve observed that pre-payments through a healthy mobile pay bill system significantly contribute to substantial revenue generation. Moreover, this trend suggests a robust customer retention among Helium users, indicating their satisfaction and loyalty towards the service.
Offload subscribers pumping Helium
Currently, Helium is pursuing growth by empowering existing mobile carriers through bootstrapping. Their innovative Total Carrier Offload Service enables these carriers to leverage Helium’s mobile hotspots, thereby decentralizing their services. This strategy opens up an opportunity for Helium to swiftly expand its user base.
The network is reportedly already working with 2 carriers to test run the feature.
Rapidly growing is Helium’s physical setup, as shown on their official site, with nearly 16,000 hotspots already in operation.
In this data from the hotspots, we found a robust relationship between the number of subscribers and the results – Evidence suggesting that our network has been adapting to cater to an increasing number of users.
Another perspective is that this might suggest an increase in the number of users joining the network, due to its growing network infrastructure being attractive to them.
Impact on HNT’s performance
Since the second week of July, Helium’s native token HNT has been trending upward, indicating a recovery after experiencing a prolonged bearish phase. This downturn had driven the token down from its 2024 peak of $11.06, reaching a 74% discount to the lower price range near the $3 level.
At the moment of this writing, Helium Network Token (HNT) was estimated at $6.74. Remarkably, this price represented a 133% surge from its previous low points.
Based on our examination, HNT might experience some selling activity. This is because its value not only exceeded overbought levels but also displayed a price-RSI discrepancy. In simpler terms, the RSI reached a lower maximum compared to the end of June high, while the current price has surpassed its previous June peak.
Although there might be a potential downturn in the market (bearish pullback), it remains uncertain if this decline will be severe or if the current price level can be maintained. This ambiguity arises due to the increased rate of growth, which could lead HNT holders to hold onto their assets longer, hoping for even higher prices in the future.
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2024-08-11 03:03