Helium (HNT), the native token of the blockchain-based network and a leading DePIN token, is currently positioned for a significant upward rally. This potential surge is driven by a bullish price action pattern that has recently formed, indicating promising prospects for HNT investors.
Helium (HNT) Technical Analysis and Upcoming Levels
Expert technical analysis reveals that HNT has successfully emerged from a consolidation phase, following its breakout from a descending channel price action pattern. This breakout has shifted market sentiment towards a more bullish outlook for HNT.
Analyzing the historical price momentum, this recent breakout, followed by a consolidation phase, is regarded as a potent pattern. Based on this development, there is a strong likelihood that HNT could experience a substantial surge, potentially rising by 18% to reach the $8.10 level in the forthcoming days.
Moreover, the Relative Strength Index (RSI) of HNT, currently at 60, suggests a potential upward rally, as it remains below the overbought threshold of 70, indicating room for further growth.
Bullish On-Chain Metrics
HNT’s bullish price action has garnered significant interest among traders over the past 24 hours, as highlighted by on-chain analytics firm, Coinglass. This increased attention reflects a growing confidence in the token’s potential.
Rising Open Interest
Recent data indicates a notable rise in HNT’s open interest (OI), which has surged by 31% in the last 24 hours and 9.2% in the past four hours. This increase in OI signifies traders’ strong confidence and interest in HNT, reinforcing the bullish price action pattern.
HNT Spot Inflow and Outflow
In addition to retail traders, whales and long-term holders are also backing this altcoin, as evidenced by data from the Coinglass data center. An analysis of HNT spot inflow/outflow data from exchanges since the beginning of November 2024 reveals a significant outflow from exchanges.
Over the past 30 days, exchanges have recorded inflows on only 7 days, while the remaining 23 days have seen continuous outflows. This pattern indicates substantial accumulation of HNT tokens by whales over the past month, during which the HNT price has remained stable.
Current Price Momentum
As of the latest update, HNT is trading near $7.20, having experienced a price surge of over 10.5% in the past 24 hours. During this period, its trading volume has increased by 50%, reflecting heightened participation from traders and investors. This increased activity underscores the bullish market outlook for HNT.
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