Investors are flocking to Helium (HNT) after it showed strength despite stagnant market momentum. CoinGeckoThe token is up over 21%, bucking the market’s flat trajectory. This comes after a cryptic message about Helium’s plans could indicate a brighter future for the platform and its users.
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In this context, HNT remains an attractive investment for both platform users and those looking for long-term gains. But with the market stagnating, investors and traders should exercise caution, as any variation in the market as a whole could lead to a slowdown.
Encrypted Message Sparks Investor Interest in HNT
Abhay recently posted a mysterious message that hints at a possible network upgrade This sent the community into a spiral of speculation, with Abhay saying it would be a busy month for the network.
The hype surrounding this post is considerable as community members await an official announcement regarding the speculated upgrade that could be coming soon.
1.0 – Launch a wireless network
2.0 – Two-network scale
3.0 – Scale all networksstay tuned, @helium pic.twitter.com/2aNUG8IyDe
— abhay 🎈 (@abhay) August 16, 2024
Mobile Operator Beta Validated, Network Reach Expands
HIP 129 was passed three days ago, allowing all mobile hotspots to participate in Carrier Beta. This extends the reach of Carrier Beta, which will impact network performance in the long run.
With almost the entire American continent having a Helium network blanketThe community will see an increase in users trying to get rid of the Carrier beta. At press time, over 58,000 users have joined the team since last week, a net gain of 5,122.
Data usage also saw an increase with 1.5 terabytes of additional data flowing through the platform.
Investors take advantage of new opportunities offered by helium
The token is currently above the $7.2 support, with bulls 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 could happen well after a breakout of the $8 ceiling. If this happens, investors and traders have a chance of reaching $9 in the long term.
Given the overall market sentiment, HNT could see a slight pullback, perhaps returning to the $7-8 price range before a strong push higher towards $9. This represents a price increase of nearly 22%.
Investors and traders should, however, pay attention to the market, as any movement in the broader market could influence the token’s trajectory in several ways.
Featured image from Live Science, chart from TradingView
