Investors are flocking to Helium (HNT) after it showed strength despite stagnating market momentum. According to Gecko CoinThe token is up over 21%, bucking the market’s flat trajectory. 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 platform users and those looking for long-term gains. But, with market momentum stagnating, investors and traders should proceed with caution as any swings in the broader market could trigger a downturn.
A cryptic message increases investors’ interest in HNT
Abhay recently posted a mysterious message hinting at a Possible network upgrade soon. This caused the community to turn to speculation, and Abhay stated that it would be a very busy month for the network.
The buzz generated by this post is substantial, as community members are awaiting an official announcement regarding the alleged update that could happen soon.
1.0 – Start a wireless network
2.0 – Scaling two networks
3.0 – Scale all networksStay tuned, @helium image.twitter.com/2aNUG8IyDe
— abhay 🎈 (@abhay) August 16, 2024
Mobile operator approved beta version, network reach expanded
Three days ago, HIP 129 was approved, which allows all mobile access points to participate in the carrier beta. This expands the scope of the carrier beta, which will impact network performance in the long term.
With almost the entire continental United States on a helium grid coverageThe community will see an increase in the number of users attempting to download the Carrier beta. At the time of publication, over 58,000 users have joined since last week, a net gain of 5,122.
Data usage has also seen an increase with an additional 1.5 terabytes of data flowing through the platform.
Investors gain from new opportunities for helium
Currently, the token is hovering above the $7.2 support and bulls are confidently approaching the $8 ceiling. With strong bullish sentiment supporting its trajectory, HNT is poised to break above this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investor confidence is at an all-time high as they continue to accumulate the token.
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However, the Relative Strength Index (RSI) suggests that the momentum will slow down, but this may happen long after a breakout of the $8 ceiling. If this happens, investors and traders have a chance to reach $9 in the long term.
Considering the overall market sentiment, HNT could experience a slight pullback, possibly returning to the $7-$8 price range before a strong bullish push towards $9. This represents an increase of almost 22% in price.
However, investors and traders should keep an eye on the market as any swings in the broader market could influence the token’s trajectory in more ways than one.
Featured image from Live Science, chart from TradingView
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