Helium (HNT), the blockchain-based network for Internet of Things (IoT) devices, recently completed its migration to the Solana blockchain. With Helium celebrating its 1st anniversary a few days ago, the move is always expected to boost Helium’s scalability and reliability. Helium’s innovative approach involves incentivizing participants to set up physical hotspots that enable IoT devices to communicate and share data across the network. The HNT token plays a crucial role in rewarding these validators for providing wireless coverage.
1/ Happy Migration-versary!! 🎈🎈🎉🎉 It’s been a year since Helium migrated to @Solana, and the Network has never been stronger! Let’s take a look back over the last year: pic.twitter.com/mrhrRwVXd8
— Helium🎈 (@helium) April 18, 2024
As of writing, Helium (HNT) is currently trading at $5.16, showing an increase of 13.85% in the last 24 hours and 28.32% over the last 7 days. With a market cap of $835 million, it ranks 98 in the position of the largest assets by market cap. The 24-hour trading volume stands at $57 million, which has witnessed a 160% increase in the last 24 hours. The circulating supply and total supply is 160,875,442 HNT, while the maximum supply is recorded at 223,000,000 HNT.
Recent Updates and Developments
Helium continues to forge ahead with strategic partnerships and expansions. In January, Helium announced a collaboration with telecommunications giant Telefónica and its founder Nova Labs to install mobile hotspots in Mexico. Amir Haleem, CEO of Nova Labs and co-founder of Helium, expressed excitement about the partnership, stating they are excited to partner with Telefonica to integrate the Helium Mobile Hotspot technology and expand coverage for their customers.
Helium Mobile update:
– added a casual +62,463 unlimited plan subscribers since Jan 1
– causing nearly $3,000 of $HNT burn per day from their data usage on Wi-Fi hotspots
– preliminary integration testing with AT&T (223 million subscribers) and Google Orion for data offload… pic.twitter.com/tNrXu1KSU1— Arman Dezfuli-Arjomandi 🎈 (@rawrmaan) April 28, 2024
Helium Technical Analysis
Helium’s price action has been on a downtrend since February 15, when it recorded a high of $11.16 after hitting bullish flag resistance. Since then, the asset has displayed strongly bearish behavior, breaking down past the bullish flag support at around the $7.3 zone.
HNTUSD Daily Price Chart (TradingView)
However, Helium found support after fully filling a fair value gap ranging from $3.2 to $4.2, prompting speculation about a potential recovery.
Helium Price Prediction
According to data from Digital Coin Price, there is a possibility that Helium could break through the $13.32 barrier and maintain a strong market position by the end of 2025. The lowest Helium price is projected to range between $11.07 and $13.32, with the most likely scenario being a steady price around $12.32. Notably, billionaire venture capitalist Tim Draper remains steadfast in his prediction that Helium will reach $13.32 by the end of 2025 or early 2026, despite the asset’s volatile swings and controversy surrounding its environmental impact.
