The native token of Helium, known as HNT, is set for a significant uptrend as it has displayed a bullish price pattern. This blockchain-based network and leading DePIN token have recently broken out of a consolidation zone, shifting sentiment towards a bullish outlook.
Helium (HNT) Technical Analysis and Upcoming Level
Expert technical analysis indicates that HNT has successfully broken out of a falling channel pattern, leading to a consolidation breakout. This development suggests a potential 18% surge for HNT, with a target level of $8.10 in the near future.
The Relative Strength Index (RSI) for HNT stands at 60, signaling a possible uptrend ahead as it remains below the overbought threshold of 70.
Bullish On-Chain Metrics
On-chain analytics from Coinglass reveal a surge in trader interest in HNT over the past 24 hours.
Rising Open Interest
Recent data shows a 31% increase in open interest for HNT in the last 24 hours, reflecting growing trader confidence in the token.
HNT Spot Inflow/Outflow
Whales and long-term holders are also showing support for HNT, with significant outflows from exchanges indicating accumulation of tokens by these large investors.
Current Price Momentum
As of now, HNT is trading at around $7.20, experiencing a price surge of over 10.5% in the past 24 hours. The increased trading volume suggests heightened activity from traders and investors in line with the bullish market sentiment.
