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$HNT, the native token of Helium, a blockchain-based network and leading DePIN token is poised for a notable upside rally as it has formed a bullish price action pattern.
Helium ($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.