Helium’s ecosystem growth continues to drive the price gains of HNT, and many wonder if the rally can sustain. HNT has shown a bullish bias on the daily chart, forming consistent green candles throughout this month and the past seven days. While Bitcoin and other major cryptocurrencies experienced a downturn, HNT managed to soar 3.53% in the past 24 hours, currently trading at $7.28.
The global crypto market cap exhibited a 1.79% decrease to $2.09 trillion, with market volume down 12.17% to $66.33 billion. Despite these market conditions, HNT stayed on course this month, finding support from the 20-day exponential moving average (EMA). The bullish momentum is increasing, as indicated by the histogram turning bullish and the relative strength index (RSI) jumping from the middle line at 59.60.
The Helium ecosystem has been scaling well, particularly in the telecommunications sector. The success of Helium Mobile and its powerful DePIN narrative has contributed to the healthy trend of HNT. The Hotspot map on the Helium website shows a significant growth in the network, with the estimated daily total usage expected to reach nearly $3175.62 as of September 2nd. Network statistics reveal that Helium IoT active Hotspots have grown to 357,007, while Helium Mobile hotspots have reached 20,687.
The growth of the Helium ecosystem has implications on the price of HNT. The price has experienced significant activity on its daily chart, with an increase of over 700% since the last quarter of 2023. After a period of instability and profit-taking, a falling wedge formation formed. However, on July 15th, 2024, the price broke out of this pattern, marking the end of a broader bullish phase and initiating a higher-high spree.
The current trend has been facilitated by the demand zone between $3.3 and $3.5. The past week has seen consistent gains of 17%, while the gains for this month amount to 57.27%. Looking ahead, the price remains optimistic as it has remained above the 50-day and 200-day EMA bands in August. Clear targets for the future include $8.45 and $9.47.
There is a strong possibility that HNT could jump nearly 100% and reach $14 by the end of the year. However, if the price is deflected by the $8.0 level, bears may target support levels at $5.5 and $4.0. Overall, the Helium ecosystem growth is driving the upward trend of HNT, and it remains to be seen how the rally will unfold in the coming months.