Breakout Alert! Helium (HNT) Poised for 18% Rally
HNT, the native token of Helium, a blockchain-based network and leading DePIN token, is poised for a significant upside rally as it has formed a bullish price action pattern.
Helium (HNT) Technical Analysis and Upcoming Levels
According to expert technical analysis, HNT has broken out of a consolidation area that formed after breaking out of a descending channel price action pattern. This consolidation breakout has turned overall sentiment towards HNT bullish.
The recent price action, which began with a breakout followed by consolidation, is considered one of the more successful patterns based on historical price momentum. With this development, it is likely that HNT It could surge 18% to $8.10 levels in the coming days.
On the positive side, HNT’s Relative Strength Index (RSI) suggests an upward rebound is likely in the coming days, with its current value of 60, which is below the overbought mark of 70.
Bullish on-chain indicators
However, HNT’s bullish price action appears to have attracted significant interest from traders over the past 24 hours, reported on-chain analytics firm Coinglass.
Open interest rises
Latest data shows HNT open interest (OI) surged 31% in the past 24 hours and 9.2% in the past 4 hours. The continued growth of OI reflects traders’ strong confidence and interest in the top DePIN token amid bullish price action patterns.
HNT spot inflow/outflow
Coinglass Data Center revealed that in addition to traders, whales and long-term holders also provided further support to the altcoin. According to the exchange’s HNT spot inflow/outflow data since November 2024, the exchange has experienced large outflows.
The data also shows that in the past 30 days, the exchange only experienced capital inflows on 7 days, and continued capital outflows on the remaining 23 days. This trend shows that whales have accumulated large amounts of HNT tokens over the past month, with HNT prices remaining stable during this period.
Current Price Momentum
At press time, HNT was trading near $7.20, with the price surging more than 10.5% in the past 24 hours. During the same period, its trading volume increased by 50%, indicating increased participation from traders and investors amid the bullish market outlook.
