Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has experienced a notable surge of 12% on August 13, 2024. This uptick has positioned Helium as one of the top gainers in the cryptocurrency market today. The price jump reflects growing optimism surrounding Helium’s recent partnership trials with major U.S. telecommunications carriers.

Helium’s Recent Price Surge

As of this morning, Helium’s price stands at $6.79, according to data from Crypto. News. This represents a significant increase from its recent low of $5.66, achieved yesterday amid a broader market slump. The token’s trading volume also saw a dramatic increase of 56%, reaching $25.2 million, while its market capitalization has climbed to $1.14 billion. This rise in value has propelled Helium to the 65th spot among the top cryptocurrencies.

Despite this recent recovery, Helium’s price remains substantially below its all-time high of $55.2, recorded in November 2021. The current price is down 88% from this peak. However, today’s surge is noteworthy, as it represents a return to levels last seen in March 2024.

What’s Driving the Surge?

The recent boost in Helium’s price can be attributed to its partnership with two major U.S. telecom carriers. These carriers are testing the integration of their mobile traffic with the Helium Network, potentially marking a shift towards a more decentralized network infrastructure. This move could pave the way for Helium to play a significant role in future telecommunications, enhancing its appeal to investors.

Technical Indicators and Market Analysis

Helium’s price action is currently positioned near the upper Bollinger Band, which stands at $7.03, while the middle band is at $5.38. This placement suggests that Helium may be experiencing strong bullish momentum. The Relative Strength Index (RSI) is at 66.24, approaching the overbought threshold of 70. This indicator signals that while the price could continue to rise, a potential retracement may be imminent if market conditions become overly stretched.

Despite the possibility of a pullback, market analysts remain optimistic about Helium’s prospects. Analyst Decilizer noted on August 13 that Helium has broken out of its secondary setup, suggesting a strong upward trend. According to this analysis, there is potential for Helium’s price to reach $8.30 in the short term.

The Broader Crypto Market Influence

Helium’s price movement also appears to be influenced by the overall positive trend in the cryptocurrency market. Bitcoin, the leading cryptocurrency, has seen a 6.5% increase over the past week, trading at $59,456 as of August 13. Bitcoin’s performance has helped lift the entire crypto market, which has seen a 1.9% increase in total market capitalization, reaching $2.19 trillion.

Helium’s Future Outlook

The recent partnership trials with major U.S. carriers and the resulting price surge highlight Helium’s potential to disrupt traditional telecom models. As the company explores new avenues for network expansion and integration, it could significantly impact the broader market.

Investors and market watchers will be closely monitoring Helium’s progress with these carrier partnerships. If successful, this could lead to increased adoption of the Helium Network and potentially drive further price appreciation.

Conclusion

Helium’s recent 12% price surge is a positive development for the cryptocurrency, driven by its strategic partnerships with major U.S. carriers. The technical indicators suggest that while the price may face some resistance, the overall trend remains bullish. As Helium continues to build on its network capabilities and explore new market opportunities, it could solidify its position in the crypto space and attract further investor interest.