Helium Network’s native token, HNT, is showing strong signs of a bullish rally on the daily timeframe. While other cryptocurrencies like Ethereum (ETH), Solana (SOL), and XRP are struggling, HNT has managed to gain 30% in value after a recent dip.
Helium (HNT) Technical Analysis and Upcoming Level
Expert analysis reveals that HNT has reached a critical resistance level at $9.5, marking its third attempt at breaking through. The resistance seems to be weakening, and if HNT successfully closes a daily candle above $9.85, it could potentially surge by 22% to reach $12 in the near future.
Despite the recent rally, HNT’s Relative Strength Index (RSI) is at 65, below the overbought region, indicating potential for further upward movement. The 200 Exponential Moving Average (EMA) on the daily chart also supports an uptrend, positioned below HNT’s current price.
HNT’s Rising Open Interest
On-chain metrics from Coinglass show a 24% increase in HNT’s futures open interest, suggesting strong trader confidence as the token nears a crucial breakout. This combination of technical and on-chain analysis indicates bullish momentum and potential for a successful breach of the resistance level.
Current Price Momentum
Currently trading around $9.47, HNT has seen a 13.10% price surge in the past 24 hours. Trading volume has also spiked by 265%, indicating heightened interest from traders and investors due to HNT’s positive outlook.