HNT, the native token of Helium, a blockchain-based network and leading DePIN token is poised for a notable upside rally as it has formed a bullish price action pattern.
Helium (HNT) Technical Analysis and Upcoming Level
According to expert technical analysis, HNT has broken out of a consolidation zone that it formed after breaking out of a falling channel price action pattern. This consolidation breakout has shifted the overall sentiment for HNT toward the bullish side.
Based on historical price momentum, the recent price action which began with a breakout followed by consolidation, is considered one of the more successful patterns. Following this development, there is a strong possibility that HNT could soar by 18% to reach the $8.10 level in the coming days.
On the positive side, HNT’s Relative Strength Index (RSI) suggests a potential upside rally in the coming days, as its current value stands at 60, below the overbought mark of 70.
Bullish on-Chain Metrics
However, HNT’s bullish price action appears to have attracted significant trader interest over the past 24 hours, as reported by the on-chain analytics firm Coinglass.
Rising Open interest
Recent data shows that HNT’s open interest (OI) has surged by 31% in the last 24 hours and 9.2% in the past four hours. This growing OI reflects traders’ strong confidence and interest in the top DePIN token amid a bullish price action pattern.
HNT Spot Inflow/OUt flow
In addition to traders, whales and long-term holders are providing further support for this altcoin, as revealed by the Coinglass data center. According to HNT spot inflow/outflow data from exchanges since the beginning of November 2024, there has been a significant outflow from exchanges.
The data also shows that, out of the past 30 days, exchanges experienced inflows on only 7 days, with the remaining 23 days marked by continuous outflows. This trend suggests that whales have significantly accumulated HNT tokens over the past month, during which the HNT price has remained stable.
Current Price Momentum
At press time, HNT is trading near $7.20 and has experienced a price surge of over 10.5% in the past 24 hours. During the same period, its trading volume has increased by 50%, indicating heightened participation from traders and investors amid a bullish market outlook.
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