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Curious about Helium's future? There's buzz that HNT, the native token of the Helium network, might reach $10 soon. Let's explore the factors driving this prediction and what it could mean for investors and the crypto market in this Helium Price Prediction article.
How has the Helium (HNT) Price Moved Recently?
Helium's price today stands at $5.30, with a 24-hour trading volume of $34.55 million, a market cap of $853.09 million, and a market dominance of 0.04%. Over the past 24 hours, HNT's price has risen by 3.89%.
Helium hit its peak price of $55.17 on November 12, 2021. Its lowest price was $0.200066 on May 29, 2020. Since that all-time high, the lowest price recorded was $1.16449, and the highest was $11.00. Currently, the sentiment around Helium's price prediction is bullish, and the Fear & Greed Index is at 69, indicating greed.
Helium has a circulating supply of 160.88 million HNT out of a maximum supply of 223.00 million HNT. The annual supply inflation rate is 11.77%, meaning 16.94 million HNT were created in the past year.
Why is Helium (HNT) Price Up?
Helium's recent price increase can be largely attributed to the success of its mobile division. On July 16, Helium Mobile X announced that they had surpassed 100,000 subscribers, drawing significant attention to the entire Helium network. This surge in new users was accompanied by the deployment of nearly 15,000 new hotspots, enhancing the network's capabilities.
Additionally, Helium Mobile's Carrier Offload program, though still in beta, has already attracted over 190,192 subscribers. This program allows users who are not on Helium Mobile to connect to the network's hotspots, gradually introducing the Helium ecosystem to a wider audience.
The combination of a growing user base and expanded infrastructure has boosted investor confidence, driving up HNT's price. As the network continues to grow and attract more users, positive sentiment around Helium is expected to remain strong.
Can Helium (HNT) Price Reach $10?
Helium's impressive performance over the past year suggests strong potential for price growth. The price has surged by 259%, outperforming 76% of the top 100 crypto assets, including Bitcoin and Ethereum. This robust performance is bolstered by the fact that HNT is currently trading above its 200-day simple moving average, a positive technical indicator. Furthermore, the asset has experienced 18 green days in the last 30 days, indicating sustained upward momentum.
However, despite these promising indicators, several factors could temper expectations. Helium is currently overbought, suggesting a potential price correction in the near term. Additionally, while HNT has high liquidity relative to its market cap, the token is still down 90% from its all-time high, reflecting significant volatility. The annual inflation rate of 11.77% also introduces a steady supply increase, which could impact price dynamics.
Given these mixed signals, while the bullish trend and positive market sentiment could push Helium's price towards $10, the overbought condition and historical volatility suggest that this target might be ambitious for the immediate future.