Preface by Silke Brand | Not everyone in The Helium Network was excited about its migration to Solana but it accumulated a lot of interest thereafter, and also witnessed a massive uptick in terms of its usage over the past year from 2021 to 2022. In a twitter thread The Helium Foundation reports that the usage of the network grew from 2.2 billion to 7.5 billion over this period.
AMBcrypto below takes a closer look at more Helium metrics as well as price prediction and risk assessment of its coin HNT.
Along with the general Solana cooperation, the Helium network made multiple collaborations with companies such as T-Mobile and also with products such as the Solana Saga phone. The network revealed that it was building the first crypto-carrier, with the help of this collaboration. This would also increase the utility of its token HNT.
In lieu of these events, the Helium network’s coin HNT witnessed an uptick in its volume. As can be seen from the image below, its volume grew from 4.23 million to 5.47 million over the course of the first week in November 2022.
Not all that glitters
Along with its growing volume, the Helium network’s social engagements increased as well. According to LunarCrush, a social media analytics firm, the number of engagements grew by 72.5% over the last week as well.
However, the weighted sentiment against Helium continued to decline. As evidenced by the chart below, it can be seen that over the past month, the sentiment for Helium has declined.
This indicated that the crypto community had more negative than positive things to say about the Helium network.
At the time of writing, Helium was trading at $3.88. Its price depreciated by 17.18% since October 18th 2022. HNT tested the $3.805 support twice over the past week.
The RSI indicator was at 38.67, at the time of writing. Thus, implying that the momentum was with the sellers. However, the CMF registered an uptick and was at 0.23 at press time which could suggest a positive outlook for the price in the coming future.
During this period, the risk associated with buying HNT went down as well.
From the image below, it can be seen that HNT’s volatility depreciated significantly during October 2022. Thereby, implying that buying the coin at the current market price would be less risky for potential investors.
Along with its volatility its market cap dominance declined as well. At the time of writing, HNT captured 0.05% of the overall crypto market.