HNT rises more than 112% after news about Texan city

Helium Network Token (HNT) has risen more than 112% in a short period after it emerged that a major city in Texas is rolling out the Helium network. An analyst who previously pointed out the buying opportunity is now taking profit after a return of roughly 3.5 times his investment. The price peaked at $0.7033 and subsequently traded around $0.64.

In brief:

• HNT rises more than 112% following news of a Texan city deploying the Helium network
• An analyst previously identified the token as significantly undervalued and entered around $0.19
• After a price peak of $0.7033, profit is being taken because the move has overshot too far

Texas news sends HNT higher

The price rise in HNT follows reports that a large Texan city will deploy the Helium network. Helium provides decentralised Wi-Fi coverage through a network of external hotspots. HNT is the token needed to purchase so-called credits for access to that network, giving the coin direct utility.

The price shot up from a bottom around $0.17, reached a peak of $0.7033 and then temporarily stabilised around $0.64. That is an increase of more than 112% compared with the opening price on the chart.

Analyst takes profit after 3.5x return

The analyst behind the X account Darkfost has announced that he is taking profit on his HNT position. He entered with an average purchase price of around $0.19 after studying the token and concluding that it was significantly undervalued.

In his view, the entry was not an arbitrary choice, but was based on the token’s structure and the expectation that the price would catch up to where it should have been before. Now that, in his view, the move has overshot too far as a result of the Texan news, he has chosen to lock in a profit of more than 3.5 times his investment.

HNT is an altcoin on the Solana blockchain. Solana itself is trading around $105 at the time of writing, up 1.5% in the past 24 hours.