Texas City's Helium Network Adoption Sparks HNT Price Surge

The Helium Network token, HNT, has seen an explosive surge of nearly 100% in the past 24 hours after the city of Celina, Texas, announced it would be adopting its wireless network. This adoption has converted the city's existing public Wi-Fi system into carrier coverage on the Helium Network.

The move allows residents to receive 100GB of daily data without any new towers being built, a significant improvement over previous infrastructure. The token price jumped from $0.21 to $0.43 within hours, triggering a major short squeeze with over $125,000 in short liquidations recorded.

HNT's weighted funding rate dropped to -0.63%, and open interest rose 556% to $15 million, while trading volumes hit $50 million, up 2,600%. The technical picture shows HNT breaking out of a descending channel that had capped prices since June, with support at the 61.8% Fibonacci level of $0.23.