Helium Gains 12% in a Week: Will HNT Continue to Rally?

• Helium has surged 12% in the past week, outstripping most DePIN tokens.
• Earlier this week, the RSI crossed above 50 for the first time in over two weeks, signaling increased buying pressure.

Helium [HNT] has weathered the bearish trend prevalent in the broader cryptocurrency market, gaining 3% and trading at $6.88 at the time of writing. This recent momentum has propelled HNT nearly 12% higher over the course of the week.

In the last 24 hours, HNT has not only outperformed Bitcoin [BTC] but also ranks among the leading performers within decentralized physical infrastructure (DePIN) tokens.

This upward trajectory coincides with heightened network activity, as data from Artemis indicates that weekly fees on Helium hit a three-month peak.

Source: Artemis

This fee increase alongside rising prices has rekindled bullish sentiment that may lead to a 12% price surge.

Bullish indicators for HNT

Recent upward momentum has created bullish patterns around HNT, demonstrating a V-shaped recovery on the daily chart. This reflects a strong rebound of Helium after a notable price drop.

Source: TradingView

The Moving Average Convergence Divergence (MACD) has also displayed a bullish shift after crossing above the signal line.

Nonetheless, the MACD line remains in negative territory, indicating that while buying pressure is strengthening, the overall trend remains bearish.

The MACD histogram bars have turned green amid increasing buying momentum.

Additionally, the Relative Strength Index (RSI) crossed above 50 earlier this week for the first time since early October, reflecting bullish momentum. This upward trend suggests that HNT’s recent increase is driven by buyers.

If this buying trend persists, HNT could potentially rise 12% from its current price to reach the 1.618 Fibonacci level ($7.81).

At that point, HNT would have completed its V-shaped recovery and could continue to ascend if market sentiment stays favorable.

Increased activity in the derivatives market

According to data from Coinglass, HNT is drawing attention from derivatives traders, with futures trading volumes surging by 60% at the time of writing, and Open Interest jumping by 3% to its highest level in nearly three weeks.

Source: Coinglass

The uptick in Open Interest suggests growing speculative interest in Helium, which may result in increased volatility.

The Long/Short Ratio of 1.04 indicates a balance between long and short positions, suggesting that even with recent gains, short sellers are refraining from entering new positions, indicating confidence in the uptrend.

Read Helium’s [HNT] Price Prediction 2024–2025

In addition to the surging speculative interest in the derivatives market, positive market sentiment is likely to further bolster Helium’s upward movement.

Data from Market Prophit indicates that the overall sentiment among the crowd for Helium is optimistic, although institutional investors appear to be less bullish.