Helium Mobile Surges 142% Amidst Growing Network Activity
Helium Mobile, a decentralized mobile and wireless network, experienced a significant surge of 142% on December 2nd, driven by increased network activity and a growing mobile subscriber base.
The price of Helium Mobile (MOBILE) soared to a seven-month high of $0.00257 on December 2nd during early Asian trading hours before settling at $0.001916, still marking a substantial 78.7% increase over the past 24 hours, according to data from CoinGecko.
With a market cap of $199.2 million and a daily trading volume exceeding $193 million, Helium Mobile’s recent rally has garnered attention from investors and traders alike.
One of the factors contributing to this surge is the significant rise in Helium Data Credits (DC) usage. These credits, essential for data transfer on the Helium Mobile network, witnessed a notable increase in burning activity, as reported by Dune.
Helium incentivizes users and Hotspot operators with crypto rewards in the form of IOT or MOBILE tokens, which can be exchanged for HNT, the primary utility token on the Helium Network. This rewards program has been instrumental in driving network growth.
Furthermore, traders are capitalizing on an arbitrage opportunity with HNT, influencing the demand for MOBILE. The current swap rate between HNT and MOBILE is favorable for investors, prompting many to engage in the exchange and driving up the demand for MOBILE tokens.
Additionally, Helium Mobile’s subscriber base has been steadily growing, surpassing 100,000 in July and reaching 121,719 by December 1st. The network currently operates over 21,125 active hotspots and is deployed across 355,052 locations, indicating a strong presence in the IoT space.
The recent bullish momentum of MOBILE is supported by the broader altcoin market sentiment, with the Altcoin Season Index hitting a yearly high of 75. This trend suggests that altcoins may outperform Bitcoin in the near future.
Continued Rally Expected for MOBILE
Technical analysis of the MOBILE/USDT price chart indicates a strong bullish trend, with the altcoin positioned above the upper Bollinger Band. The MACD indicator further confirms this trend, with the MACD line above the signal line and expanding histogram bars.
Based on these indicators, MOBILE is likely to continue its rally in the short term, potentially testing the $0.00296 resistance level. This level represents a 55% increase from the current price and could signal further gains for MOBILE holders.