The Helium (HNT) token, a pivotal player within the blockchain-based network and a leading DePIN asset, is on the brink of a substantial upward trajectory. This potential rally is characterized by a bullish price action pattern that has captured the attention of investors and traders alike.
Helium (HNT) Technical Analysis and Upcoming Levels
Expert technical analysis reveals that HNT has successfully emerged from a consolidation zone, a development that follows its breakout from a descending channel pattern. This breakout has been pivotal in shifting the market sentiment for HNT towards a more bullish outlook. When examining historical price trends, the recent price actions—marked by an initial breakout and subsequent consolidation—are regarded as one of the more effective patterns in the trading arena. As a result, there is a robust likelihood that HNT could ascend by approximately 18%, potentially reaching the $8.10 mark in the near future.
Adding to the optimism, the Relative Strength Index (RSI) for HNT currently stands at 60, which is comfortably below the overbought threshold of 70. This suggests that there is room for further upward momentum, reinforcing the potential for a bullish rally in the days ahead.
Bullish On-Chain Metrics
The recent bullish price action of HNT has sparked considerable interest among traders, as highlighted by data from the on-chain analytics firm Coinglass. This growing interest is further supported by several key metrics that provide insight into the token’s future prospects.
Rising Open Interest
In the past 24 hours, HNT’s open interest (OI) has seen an impressive increase of 31%, with an additional 9.2% rise over the last four hours. This surge in OI is indicative of robust trader confidence and interest in this leading DePIN token, particularly amidst the current bullish price action pattern.
HNT Spot Inflow/Outflow
Beyond trader interest, whales and long-term holders are also showing substantial support for HNT. According to Coinglass data, since the start of November 2024, there has been a marked outflow of HNT from exchanges. The data reveals that out of the past 30 days, exchanges experienced inflows on just seven days, while the remaining 23 days were characterized by persistent outflows. This trend is indicative of significant accumulation of HNT tokens by whales over the past month, during which the token’s price has remained relatively stable.
Current Price Momentum
As of the latest update, HNT is trading near the $7.20 level, having experienced a notable price increase of over 10.5% in the past 24 hours. During this period, the trading volume has surged by 50%, underscoring heightened participation from both traders and investors. This increase in activity aligns with the bullish market outlook for HNT, further solidifying its position as a token with promising growth potential.
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