Emergency alert! Helium (HNT) set for 18% rally
HNT, the native token of Helium, is set for a popular rally as the blockchain-based network and leading Deepin token has formed a bullish price action pattern.
Helium (HNT) technical analysis and upcoming level
According to professional technical analysis, HNT has broken out of the consolidation zone it formed after breaking out of the falling channel price action pattern. This consolidation breakdown has shifted the overall HNT sentiment to the bullish side.
Based on historical price action, the recent price action, which begins with a breakout and consolidation, is considered one of the more successful patterns. Following this development, there is a great possibility that HNT will rise by 18% to reach the level of $8.10 in the coming days.
On the positive side, HNT's Relative Strength Index (RSI) suggests a possible rally in the coming days, as the current price stands at 60, below the overbought mark of 70.
Bullish gauges on the chain
However, HNT's high price action appears to have attracted significant trader interest over the past 24 hours, according to Koenigles, an analyst firm on the chain.
Increasingly open demand
Recent data shows that HNT open interest (OI) has risen by 31% in the last 24 hours and by 9.2% in the last four hours. This rising OI reflects traders' strong confidence and interest in the top DePIN token amid a high price action pattern.
HNT Spot In/Out Flow
As noted by the Coinglass data center, in addition to traders, whales and long-term holders are also providing additional support for this altcoin. According to the HNT spot entry/exit data from the exchanges since the beginning of November 2024, there is a significant flow from the exchanges.
The data shows that out of the last 30 days, the exchange has been tested for only 7 days, while the remaining 23 days have been marked with consecutive withdrawals. This trend suggests that whales have accumulated a lot of HNT tokens in the past month, during which the price of HNT is stable.
Current price momentum
At press time, HNT is trading around $7.20 and has experienced a price increase of over 10.5% in the last 24 hours. During the same period, the transaction volume increased by 50 percent.
