Helium’s (HNT) Price Surge: Ecosystem Developments Drive Momentum

December 24, 2024 12:00 AM AEDT | By Team Kalkine Media

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Highlights

- Helium's (HNT) price surges, driven by ecosystem developments.

- Migration to Solana blockchain enhances efficiency and connectivity.

- Adoption of Helium services shows rapid growth.

Helium’s (HNT) price has seen a significant jump in the last 24 hours, rising over 7% amid growing interest in the decentralized wireless network. The surge is attributed to advancements in Helium's ecosystem, with the token emerging as one of the notable performers in the cryptocurrency space.

Helium, launched in 2019, operates as a decentralized network that enables users and devices to connect to the Internet while earning HNT tokens. To strengthen its infrastructure, Helium recently transitioned to the Solana blockchain (SOL), aiming to leverage Solana’s speed and scalability. This move is expected to boost Helium’s network efficiency and support its broader projects, including its collaboration with Render Network.

The Helium ecosystem has witnessed significant adoption, with reports highlighting a surge in user engagement. A key milestone involves the platform’s integration into iTrustCapital, a service allowing cryptocurrency transactions within retirement accounts. This addition signals increased interest in Helium tokens, as more users incorporate HNT into their portfolios.

Helium’s innovative offerings also extend to a cell phone plan that includes unlimited talk, text, and data for a monthly fee. The service, provided through a partnership with T-Mobile, ensures nationwide coverage without binding contracts. Recent data reveals that 349,284 users unknowingly accessed Helium’s services as of December 20, a stark rise from only 5,488 six months earlier.

Technical Analysis Indicates a Cautious Outlook

While the ecosystem developments are promising, technical indicators suggest potential challenges ahead for Helium's price performance. Currently, HNT trades at approximately $7.32 with a 24-hour trading volume of $31.9 million. Despite the recent uptick, trading data reveals downward pressure on the HNT/USDT pair.

Key support levels are positioned at $7.00, aligning with the 50-day Simple Moving Average, while the next significant support level is at $6.49, based on the 200-day Exponential Moving Average. On the resistance side, levels to monitor include $7.82 and $8.08, the latter indicated by the Ichimoku Base Line.

Momentum indicators reflect weakening trends, suggesting potential declines if prices fall below $7.00. Conversely, surpassing $8.08 could hint at a recovery phase. As Helium’s ecosystem continues to expand, its price movements remain under close watch.

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