Helium bulls eye 30% upside, but HNT will only rally if…

• Helium’s bullish thesis will hold only if the daily candle closes above the $9.80 mark.
• HNT’s Open Interest has soared by 13%, indicating growing participation from traders amid a potential breakout.

Helium [HNT] appeared to be creating opportunities for traders amid the ongoing uncertainty in the cryptocurrency market.

However, HNT has gained attention from crypto enthusiasts following an impressive 32% rally over the past few days. With this significant price rally, the daily chart appears bullish, pointing to a potential upside rally soon.

Helium — Price prediction for December 2024

According to AMBCrypto’s technical analysis, at press time, HNT was in a crucial resistance level of $9.45. Historically, this level has acted as a strong point of selling pressure, leading to price declines.

This is the third time HNT has attempted to breach this hurdle. Over the past two days, it has experienced a price decline.

Source: TradingView

Based on the recent price action, if HNT breaches this resistance and closes a daily candle above the $9.80 level, there is a strong possibility it could soar by 30% to reach the $12.60 level.

Conversely, if the price fails to breach the resistance, it could decline by 10% to reach the $8.10 level.

On the positive side, the altcoin’s Relative Strength Index (RSI) currently stands at 60, below the overbought zone, indicating that the asset has sufficient room to rise significantly in the coming days.

HNT’s bullish thesis will hold only if the daily candle closes above the $9.80 mark, otherwise, it may fail.

Rising trader and long-term holder interest

In addition, traders’ interest and confidence in the altcoin appear to be gradually increasing, as reported by the on-chain analytics firm Coinglass

Data reveals that HNT’s Futures Open Interest has surged by 13% in the past 24 hours, indicating growing participation from traders anticipating a breakout.

Source: Coinglass

Meanwhile, long-term holders also seem to be showing interest in the altcoin. Data from HNT’s spot inflow/outflow reveals that exchanges have witnessed a modest outflow of $365k worth of HNT.

This outflow suggests that long-term holders are withdrawing tokens from exchanges, signaling a potential rally and hinting at an ideal buying opportunity.

Read Helium’s [HNT] Price Prediction

Combining these on-chain metrics with the technical analysis suggests that bulls are currently dominating the asset and could support HNT in overcoming the hurdle it has been facing for an extended period.

HNT’s current price momentum

Currently, HNT is trading near the $8.85 level and has registered a price surge of 5.5% in the past 24 hours. During the same period, its trading volume soared by 273%, indicating strong participation from traders and investors.