The Helium network is a decentralized wireless network that enables devices anywhere in the world to wireless connect to the Internet and geolocate themselves without the need for power-hungry satellite location hardware or expensive cellular plans. It migrated from its blockchain to Solana layer-1 last year. This increased faster transaction speeds and new smart contract capabilities. It runs on the new consensus protocol Proof-of-Coverage.
Helium network surged sharply after the announcement of a $20/monthly unlimited phone plan in the US.
HNTUSD was one of the best performers this month and surged more than 100% and hit a high of $6. It is currently trading at around $4.523. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).
The near-term resistance is around $6, any indicative breach above will take the pair to $7.10/$8/$9.56 (161.8% projections ). On the lower side, immediate support is $4.18 (23.6% retracement), and any violation below targets $3.50/$3.
Indicators ( Daily chart)
CCI(50)- Bullish
Directional movement index - Bullish
It is good to buy on dips around $4 with SL around $2.75 for TP of $9.60.
