Helium (HNT) Falters 15% As Crypto Market Tries To Bounce Back

While Helium Mobile has enjoyed phenomenal success, the network has failed to keep pace, with the general market pulling it down further and with losses being multiplied as the market drops low. According to the latest market data, HNT, the native token of the network, dropped about 15% over the last two weeks which may endanger winnings pocketed in the last month.

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However, investors and traders are banking on recent developments that might turn the tide once the market recovers from its pitfall. With these recent developments, gains might be around the horizon although investor sentiment remains shaky at best and bearish at worst. 

Helium-Ameriband Partners To Expand Helium Network 

Helium recently announced that it has partnered with Ameriband, a market leader in Wi-Fi infrastructure in the United States. According to Helium’s recent blog post, the partnership will bring 100,000+ data-only hotspots around the US, expanding the network’s coverage over the country overnight. 

Exciting News for Helium Mobile Users! 👏

Ameriband today announced its partnership with @helium_mobile to add 100,000+ Data-Only Hotspots to the Helium Network in the next few months across the US.

These Hotspots will help deliver faster, and more reliable coverage to users…

— Helium🎈 (@helium) October 9, 2024

“Ameriband’s vast network is deployed in well-known retail businesses, grocery chains, venues, and commercial locations across the country and will help drive usage to the Helium Network. Thanks to this partnership, anyone with a Helium Mobile phone plan will experience connectivity in even more locations than before,” stated Helium in the blog post. 

This came as a massive win for Helium as the network expansion nearly guarantees connectivity for US users. This means that Helium users who previously experienced connectivity issues will have fewer or zero problems regarding connectivity in the coming weeks and months. It also ensures that the average retail user will have exposure to the Helium network, possibly adding on the growing number of users of the platform’s mobile arm. 

The carrier offload program caters to 130,274 subscribers from three different network providers with over 122 TB of data routed to the Helium network, figures that will continue to grow as the Ameriband partnership takes effect. 

Rising Correlation With The Market Leaves Gains Behind For HNT

HNT bulls are in the middle of an attempt to retest the current $6.79 resistance level. As of writing, HNT is still on the down-low with the token possibly taking another dive toward $6.23 in the coming days or weeks. 

The relative strength index (RSI), however, is hinting at a possible bullish reversal within this week or the coming week. 

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However, the rising market correlation with the broader market might endanger the token’s bullish momentum that is currently building up. With this in mind, HNT might continue to stabilize between the $6.23-$6.79 trading range in the coming days but may drive down toward $6.23 or $5.67 if the bears remain superior in the coming months. 

Featured image from Pexels, chart from TradingView