HNT, the native token of the Helium network, is leading the rise among the top 100 cryptocurrencies today, outperforming other altcoins that are mostly in decline.
On August 27, the price of Helium (HNT) surged 14% to $7.17, as the crypto asset’s market cap surpassed the $1.6 billion mark. Following the price rally, HNT’s daily trading volume increased by 160%, reaching $31 million.
The latest HNT price hike comes as a community call is scheduled for August 28 at 16:00 UTC to provide updates and discussion on the Helium network. The monthly event brings together developers, hotspot owners, and community members to discuss protocol governance and other concerns related to the Helium ecosystem.
The call will take place on Helium’s Discord channel.
Recent discussions in the cryptocurrency space have focused on Helium’s potential to transform wireless infrastructure. Traditionally, large carriers had to build more cell towers to increase coverage, which required significant capital expenditures. Helium, on the other hand, provides a new technique for increasing wireless coverage through a decentralized network of mobile nodes.
The network is reportedly in contact with two major US operators who are currently testing the possibility of transferring their traffic to the mobile network. Operator 1 has about 185,000 customers and Operator 2 has more than 122,000 users participating in the trial.
If the move proves effective, operators could save money and offer greater coverage, while Helium would benefit from increased traffic and funds channeled to hotspot providers.
According to its statistics page, Helium MOBILE has around 20,000 active access points, while its IoT solution has 360,000 locations, and the numbers are growing.
Data from Coinglass shows that HNT total open interest jumped 65% to $6.71, showing an increase in trader interest in the altcoin, suggesting that new money is supporting the price rally.
Data from the market intelligence platform also shows that aggregated total funding rates per HNT are hovering around 0.0049%, indicating traders’ optimism that WIF prices will rise.
The Relative Strength Index is currently at 58.82, suggesting that the price could rise before being considered overvalued. The Stochastic RSI, another indicator, also shows that Helium is underbought at the moment.
Both indicators suggest that HNT price could still see significant upside before reaching an overbought zone where the token could face a reversal.
