Helium (HNT) is a decentralized network that started in 2019 and has shown impressive gains in the cryptocurrency market. It’s become one of the top performers. This rise in price is happening at the same time as Solana (SOL), which has increased by 56% in the last 30 days. This is good news for projects built on Solana’s network. Why is the HNT price rising? and how high will the Helium price go? Let’s take a look at this in more detail.
What is Helium (HNT)?
Helium (HNT) is a decentralized blockchain network designed for Internet of Things (IoT) devices.
Since its launch in July 2019, the Helium mainnet enables low-powered wireless devices to talk to each other and share data through its network of nodes.
These nodes, called Hotspots, act as a mix of a wireless gateway and a blockchain mining device. Users operating these nodes can mine and earn rewards in Helium’s native cryptocurrency, HNT.
Helium aims to get IoT communication ready for the future by addressing the shortcomings in the current infrastructure, starting from its inception in 2013.
HNT Price Prediction: How has the HNT Price moved in recent months?
The current price of Helium (HNT) stands at $5.23, with a trading volume of $43.79 million in the last 24 hours. Its market cap is $752.96 million, and it holds a market dominance of 0.05%, experiencing a notable 25.12% increase in the past day. In the last 30 days, the Helium price has increased by almost 200%.
Helium hit its peak value on November 12, 2021, at an all-time high of $55.17. Conversely, its lowest point was on May 29, 2020, at an all-time low of $0.200066. Since reaching the all-time high, the lowest price observed was $1.164490 (cycle low), while the highest was $5.80 (cycle high). The current sentiment for Helium’s price prediction is bullish, and the Fear & Greed Index indicates a score of 72 (Greed).
The circulating supply of Helium is currently 143.93 million HNT out of a maximum supply of 223.00 million HNT. With a yearly supply inflation rate of 7.78%, approximately 10.39 million HNTs were generated in the last year. Helium holds the 23rd position in the Ethereum (ERC20) Tokens sector by market cap and is ranked 38th in the Layer 1 sector.
Why is the HNT Price up?
The recent boost in HNT’s price is linked to Helium network’s December 5 announcement. They revealed that users across the United States can now get unlimited data, voice, and text services for just $20 per month through their new mobile service.
Helium Mobile, a part of Nova Labs, introduced this nationwide mobile service without contracts, aiming to give users an affordable and unrestricted mobile experience. This move is particularly attractive as major carriers are imposing data limits, increasing contract obligations, and raising prices. Helium’s offering stands out as a more flexible and cost-effective choice for users.
By providing unlimited data, voice, and text for a flat $20 monthly fee, Helium Mobile aims to meet the growing demand for affordable and unrestricted mobile connectivity.
The company’s goal, as per the announcement, is to empower customers by giving them control and challenging the practices of traditional carriers.
Is HNT Coin a Good Buy?
Helium (HNT) has displayed impressive performance over the past year, with its price surging by a remarkable 150%. This growth has outpaced a substantial 81% of the top 100 cryptocurrencies during this period. Notably, HNT is currently trading above its 200-day simple moving average, indicating a positive trend.
Over the last 30 days, the asset has experienced 16 green days, accounting for 53% of the period, showcasing its consistent positive momentum. Furthermore, HNT boasts high liquidity as reflected in its market capitalization.
However, it’s crucial to consider potential risks. While HNT has outperformed Bitcoin, indicating strength, it is currently overbought, suggesting a potential correction in the near future. The asset is down by 90% from its all-time high, signaling a historical peak that investors should be mindful of.
How High Will The HNT Price Go?
As we look into the future, there’s a compelling chance that HNT might hit the $6 mark by Christmas 2023. Drawing insights from its past behavior, where it often aligns with Bitcoin’s trends, there’s a potential for HNT’s price to trend between $6 and $7.
Of course, this forecast relies on the broader cryptocurrency market sustaining its bullish momentum and Bitcoin continuing its upward trajectory. Monitoring these factors will be crucial to understanding the potential movement of HNT in the coming months.
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