- Helium’s HNT token has surged from $1 to $6.8 in the past few days.
- Helium Mobile and Helium IOT tokens have also gained momentum.
- VanEck believes that Helium will gain market share in 2024.
Helium (HNT) price continued its spectacular rally this week as it avoided the weakness of key coins like Bitcoin and Ethereum. The token jumped to a high of $7 on Friday morning as it rose for three straight days. It has surged by more than 400% from its October lows, giving it a market cap of over $976 million.
Why HNT price is rising
Helium’s HNT is not the only token that is rallying. Helium Mobile (MOBILE) has surged by over 58% in the past 24 hours, giving it a market cap of over $189 million. Helium IOT (IOT) soared by over 27%, bringing its valuation to over $46 million.
There are three main reasons why HNT and its ecosystem are soaring. First, the surge is in line with the performance of Solana and other tokens in its ecosystem. Solana’s SOL token has surged by triple-digits this year while Bonk is up by over 7,000% from its lowest point this year. Key platforms like Raydium, Orca, and Solend have also gained market share.
Second, some analysts believe that Decentralized Public Infrastructure (DePin) platforms will do well in 2024. Helium is one of the biggest players in the industry, with over 100k paying customers in the ecosystem. In a recent note, analysts at VanEck said that the ecosystem could see robust growth in 2024. It said:
“Helium claims they can deliver data at less than 50% of the cost of legacy networks. As crypto adoption becomes more mainstream, and if that claim is true, they will likely join a significant share.”
Finally, Helium is also reacting to the macro situation in the market, where an “everything rally” is happening after the Fed decision. American equities are nearing their all-time highs while gold is sitting at its record level.
In regard with this, a sense of FOMO has moved to the crypto market, as investors take advantage of the rally. This explains why many worthless cryptocurrencies like Bonk and Memecoin (MEME) have surged.
Helium HNT price forecast
The daily chart shows that the HNT price has been in a remarkable rally in the past few months. It has jumped from $1 to almost $7. Along the way, the 50-day and 100-day moving averages have crossed each other. The Relative Strength Index (RSI) has rallied and moved to the overbought level.
The Average Directional Index (ADX) has jumped to over 60, signaling that the coin has the momentum. Therefore, I suspect that the bullish trend will continue in the coming weeks as bulls target the resistance at $10.
