Solana-based Helium Network’s HNT token quietly hit a yearly high of more than $5 during the weekend following a 60% price surge in seven days, according to CryptoSlate’s data.
HNT’s price has retraced to $4.70 as of press time amid a broader market correction.
This price performance represents a turnaround for a network that has dealt chiefly with negative news about its product and migrating from its proprietary blockchain to Solana.
However, despite HNT’s incredible performance in the past few weeks, the token is still far from its all-time high. CryptoSlate’s data shows it is down 91% from its $54 peak.
What drove HNT’s price?
HNT’s price surge can be primarily attributed to the launch of Helium Mobile’s $20 monthly phone plan in the United States, offering users unlimited data, talk, and text.
Helium’s connectivity service offers a cost-effective alternative to traditional service providers, making an average American spend approximately $157 monthly solely on phone plans.
The connectivity services utilize Helium’s 5G network to empower its users to set up mini-cell towers and expand the network’s coverage.
“With Helium Mobile Hotspots, subscribers can own and set up ‘mini cell towers’. Dead zones can become a thing of the past when anyone can become a builder and set up a hotspot to expand the network for themselves and the community,” the company said in a statement.
Nova Labs, the entity behind Helium Network, partnered with T-Mobile to extend coverage for Helium Mobile in areas where the network is absent.
Besides the launch of Helium Mobile, HNT has also benefited from the general optimism surrounding the Solana network ecosystem. During the past year, Solana has thrived despite previous connections to the disgraced FTX founder Sam Bankman-Fried.
This resurgence has played a pivotal role in attracting a growing number of users to its ecosystem and predictions that it could gain more ground on rival smart contract-based blockchain network Ethereum.
“ETH will lose market share to other smart contract platforms with less uncertainty surrounding their scalability roadmap, such as Solana,” asset management VanEck predicted.
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