Helium (HNT) rises as team shifts to open-market buybacks; check price outlook
- Helium announced it is exploring a Digital Asset Treasury to acquire HNT through market and over-the-counter purchases.
- The price of HNT rose slightly amid the move, with news of daily HNT buybacks coming amid notable market alignment around DePIN projects.
- Helium’s mechanism aims to reduce supply and could help overall price gains.
The Helium Network, the world’s largest decentralized physical infrastructure network (DePIN) for wireless connectivity, is experiencing renewed momentum.
The project’s native token, HNT, is up 3% as key strategic announcements from the core team buoy community sentiment.
The price action comes on the heels of Helium’s official disclosure over the weekend.
Why is Helium price up today?
Key to HNT gains in the past 24 hours is an outline of strategic plans to shift from internal treasury burns to open-market buybacks and the potential launch of a Digital Asset Treasury (DAT).
According to details, the aim is to boost HNT traction amid broader institutional appeal. The plan includes buybacks via dollar-cost averaging (DCA) post-burn, and if successful, it could lead to buybacks that match burn volumes and offer potentially consistent upward pressure.
Previously, Helium executed burns from the team’s reserves; now, open-market buys will preserve treasury liquidity while enhancing scarcity. Helium noted in a post on X:
With a growing number of Helium Mobile subscribers contributing to monthly revenues, this move could be a major boost for HNT.
Helium price forecast: Is $2.80 next target?
Helium’s HNT token fell to lows of $1.80 on October 17 and retested the mark amid overall crypto market weakness over the weekend.
On October 20, HNT climbed nearly 3% and reached a 24-hour high above $2.06.
The gains, as noted, came amid a slight recovery for altcoins after last week’s downturn that mirrored losses for Bitcoin and other top coins.
HNT’s gains are likely to build on an anticipated uptick across risk assets, with this pushing bulls off lows.
Currently, Helium price hovers -13% and -24% over the past week and past month respectively. Yet the Helium team’s strategic shift points to a potential uptick.
Having retested the $2.00 mark, bulls may fancy the robust supply zone around $2.80.
The main hurdles between this mark lie around $2.20 and $2.60, with a potential cup and handle pattern confirming one signal of this move.
The post Helium (HNT) rises as team shifts to open-market buybacks; check price outlook appeared first on CoinJournal.
Ayrıca Şunları da Beğenebilirsiniz
Trump Cancels Tech, AI Trade Negotiations With The UK
Egrag Crypto: XRP Could be Around $6 or $7 by Mid-November Based on this Analysis
