Helium Price Poised for a Surge: Key Technical Insights

Helium (HNT) has been on a remarkable rally, jumping 228% since August. On Sunday, Dec. 15, the price reached $9.52, a critical resistance level. Rising futures market activity and community-driven changes are fueling the momentum. 

Factors Driving the Helium Price Rally

Futures market data reveals rising interest in Helium. Open interest climbed to $11 million on Sunday, up from $9.35 million last week. Bitget and OKX accounted for most of this activity. Higher open interest reflects strong demand, signaling growing investor confidence.

Another key factor is the ongoing token burning. In November, $250,000 worth of HNT tokens were burned, according to Messari. This process reduces supply, adding scarcity and boosting value. Tokens are burned to access data credits for the Helium Network, enhancing demand.

Technical Setup: Is Helium Heading for $20?

The daily chart shows Helium holding above key support at $8.667, last seen in September. The price recently climbed from $5.22 to $9.52, a level it failed to break on Dec. 2 and Dec. 7.

Helium remains above the 50-day and 25-day moving averages, signaling bullish momentum. The price has also surpassed the middle line of Andrew’s pitchfork tool, hinting at sustained upward pressure.

A breakout above $9.52 could pave the way for more gains. Analysts see $11 as the next target, about 18% higher than the current price. If momentum holds, Helium could even rally to $20, doubling its value from recent lows.