Helium, which is being touted as Solana’s largest decentralized public infrastructure network, has outperformed the broader altcoin market throughout August.
Helium (HNT) has surged more than 51% in value over the past 30 days, outperforming the top 100 altcoins in the market. The crypto asset reached an intraday high of $7.33, up more than 2.4% in the past day.
Helium’s price has nearly doubled from its low of $3.65 hit on August 5, when cryptocurrency and stock markets crashed, causing more than $1 billion in liquidation in the global cryptocurrency market.
Helium’s monthly price increase comes amid its strong community support for the HIP130 and HIP131 proposals. This decision allows all compatible Wi-Fi access points to be set up to support operators like Helium Mobile.
On the other hand, HIP131 allows providers to begin improving Hex areas, focusing only on higher-income areas. These proposals will be implemented seven days after they are announced.
Moreover, the latter Discussions The crypto space has been buzzing about Helium’s potential to reshape wireless infrastructure. Traditionally, expanding coverage has required major telecom companies to invest heavily in building additional cell towers. Helium offers a new technology to increase wireless coverage through a decentralized network of mobile nodes.
HNT also gained momentum after announcing trials with two major US carriers to test network traffic offloading on the Helium MOBILE network. The network traffic offloading test involved more than 500,000 users participating in these trials.
This strategy could allow these companies to cut costs and improve coverage by migrating some users to the Helium network. At the same time, Helium will benefit from increased traffic, revenue directed to hotspot providers, and improved value for investors through increased HNT token burns.
According to According to Helium statistics, MOBILE currently operates around 20,680 active hotspots, and its IoT solution is deployed across 357,359 locations, with both numbers steadily increasing.
Meanwhile, the continued price rise of HNT is supported by a 65% increase in total open interest, indicating high interest from traders. According to Coinglass DataOpen interest in the futures market rose to $7.43 million, the highest since April and well above the low of $2.35 million earlier this month.
Community sentiment towards the HNT token was also positive on CoinGecko and CoinMarketCap.
The technical analysis of HNT stock reveals strong bullish momentum, highlighted by a golden cross pattern where the 50-day and 200-day moving averages intersect. This key bullish signal, coupled with the medium-term RSI around the mid-50s, indicates balanced market conditions with potential for further gains.
Helium also developed a cup and handle pattern, where the final unification stage corresponds to the handle portion of the pattern.
In addition to the high trading volumes and high open interest in the futures market, these indicators reveal strong market participation and optimism about Helium’s strategic initiatives to expand its decentralized network, which could lead to further price appreciation in the value of HNT.