In the dynamic world of cryptocurrency, Helium’s native token, HNT, is capturing attention with its bullish price action. As a leading token in the blockchain-based network and DePIN sector, HNT is setting the stage for an impressive upside rally, backed by a robust technical analysis.
Helium (HNT) Technical Analysis and Upcoming Levels
Delving into expert technical insights, HNT has successfully emerged from a consolidation phase that followed its breakout from a descending channel price pattern. This breakout has significantly altered the overall sentiment for HNT, leaning it towards a bullish outlook.
Historically, such price momentum, characterized by a breakout followed by consolidation, is recognized as one of the more successful patterns. Given this development, there’s a strong potential for HNT to ascend by 18%, aiming to reach the $8.10 mark in the upcoming days.
Moreover, the Relative Strength Index (RSI) for HNT reinforces this optimistic scenario. Presently, the RSI value is at 60, which is comfortably below the overbought threshold of 70, indicating further room for an upward trend.
Bullish On-Chain Metrics
The bullish price action of HNT has notably piqued the interest of traders in the last 24 hours, as highlighted by on-chain analytics from Coinglass. This surge in interest signals a growing confidence in HNT’s future performance.
Rising Open Interest
Recent data reveals a remarkable 31% increase in HNT’s open interest (OI) within the last 24 hours, with a 9.2% rise witnessed over the past four hours. This uptick in OI underscores traders’ robust confidence in HNT amid its bullish price movements.
HNT Spot Inflow/Outflow Analysis
Beyond the traders, substantial support for this altcoin comes from whales and long-term holders, as evidenced by the Coinglass data center. The HNT spot inflow/outflow data, recorded since the beginning of November 2024, displays a notable outflow from exchanges.
The data further indicates that exchanges experienced inflows on merely 7 out of the past 30 days, while the remaining 23 days were characterized by continuous outflows. This trend highlights significant accumulation of HNT tokens by whales over the past month, during which the HNT price has maintained stability.
Current Price Momentum
As of the latest update, HNT is trading around $7.20, having surged by over 10.5% in the previous 24 hours. Concurrently, its trading volume has soared by 50%, reflecting increased participation from traders and investors amid a bullish market sentiment.
In conclusion, Helium’s HNT token is on a promising trajectory, buoyed by strong technical indicators and growing market confidence. As the market continues to evolve, HNT’s potential to reach new heights remains a compelling prospect for investors and enthusiasts alike.
