Helium boasts of increased usage, but there’s more than meets the eye

The Helium Network, which garnered a lot of interest after its migration to Solana, witnessed a massive uptick in terms of its usage and other metrics over the past year.

Here’s AMBCrypto’s Price Prediction for Helium for 2022-2023

In a twitter thread  posted on the 6 November, the Helium Foundation released some data about its network growth. Reportedly, the usage of the network grew from 2.2 billion to 7.5 billion from 2021 to 2022.

Along with that, the Helium network made multiple collaborations with companies such as T-Mobile and also with products such as the Solana Saga phone.

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 last week. 

Source: Santiment

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. 

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.

Source: Santiment

At the time of writing, Helium was trading at $3.88. Its price depreciated by 17.18% since 18 October. 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.

Source: TradingView

During this period, the risk associated with buying HBAR went down as well.

From the image below, it can be seen that HBAR’s volatility depreciated significantly over the past month. 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.

Source: Messari