Helium, a blockchain project focused on the Internet of Things (IoT), has experienced a significant price surge of 12% on August 13. This surge has propelled Helium (HNT) to become one of the top gainers in the crypto market. Currently trading at $6.79, with a daily trading volume of $25.2 million, Helium’s market cap stands at $1.14 billion, placing it as the 65th largest cryptocurrency.
The recent price increase follows Helium’s partnership with two major US carriers. These carriers are currently conducting trials to offload their mobile traffic to the Helium Network, potentially positioning the network as a more decentralized infrastructure alternative.
Despite the recent surge, Helium’s price is still 88% down from its all-time high of $55.2 recorded in November 2021. However, market analysts remain optimistic about the future potential of Helium.
Technical analysis suggests that Helium is currently positioned near the upper Bollinger Band, indicating a strong upward momentum. The Relative Strength Index (RSI) is also edging close to the overbought threshold, suggesting a potential retracement in the near future.
Helium’s price surge may have been influenced by the overall positive sentiment in the crypto market, driven by Bitcoin’s 6.5% increase over the past week. Bitcoin is currently trading at $59,456, and the total market capitalization of cryptocurrencies has risen by 1.9% to reach $2.19 trillion.
Overall, Helium’s partnership trials with major US carriers and the positive market sentiment have contributed to its recent price surge, making it an attractive investment option for crypto traders.