HNT Rallies by 14% as Helium Network Community Call Is Set for August 28

HNT, the native token of the Helium network, is leading the surge among the top 100 cryptocurrencies today, outperforming other altcoins that are mostly in decline.

The native token of the Helium network, HNT, is surging and outperforming other altcoins in the top 100, which are mostly showing declines.

On Aug.27, the price of Helium (HNT) soared by 14% to reach $7.17, while the market capitalization of the crypto asset crossed the $1.6 billion mark. Following the price surge, HNT’s daily trading volume increased by 160% to reach $31 million.

The latest surge in HNT’s price comes as a community call is scheduled for Aug.28 at 16:00 UTC to provide updates and discussions on the Helium Network. The monthly event gathers developers, hotspot owners, and community members to discuss protocol governance and other topics related to the Helium ecosystem.

The monthly Helium Network Community Call is happening this week, on Wednesday, August 28th, 2024, at 16:00 UTC in the Helium Discord.

Join the event here: https://t.co/8Xltmtpqa2.

This call is an incredible opportunity for developers, Hotspot owners, and all members of the… pic.twitter.com/SqGjfdnNYS

The call will be hosted on Helium’s Discord channel.

Recent discussions in the crypto space have highlighted Helium’s potential to revolutionize wireless infrastructure. Traditionally, large carriers had to build more cell towers to expand coverage, which entailed a substantial capital expenditure. Helium, however, offers a novel method for increasing wireless coverage through a decentralized network of mobile nodes.

The network is reportedly in talks with two major U.S. carriers who are testing offloading their traffic onto the MOBILE network. Carrier 1 has about 185,000 subscribers, and Carrier 2 has over 122,000 users participating in the trial.

If successful, the carriers could save on costs and provide better coverage, while Helium would benefit from increased traffic and revenue flowing to hotspot providers.

Helium MOBILE has about 20,000 active hotspots, and its IoT solution has 360,000 locations, and the numbers are growing, according to its statistics page.

HNT total open interest has jumped by 65% to $6.71, showing an increase in traders’ interest in the altcoin, thus suggesting that new money is supporting the upward price rally, according to Coinglass data.

Data from the market intelligence platform also shows that the total funding rates aggregated by HNT are at 0.0049%, indicating traders’ positive sentiment on WIF’s price increase.

The Relative Strength Index is currently at 58.82, suggesting that there could be more room for the price to increase before it is considered overbought. Another indicator, the Stochastic RSI, also shows that Helium is currently in an oversold territory.

Both indicators suggest that HNT’s price could still see a significant rally before reaching an overbought zone, after which the token might face a reversal.

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