Helium, the biggest player in Decentralized Public Infrastructure, rose for three consecutive days.
Helium (HNT) jumped to the crucial resistance level at $9.520 on Sunday, Dec. 15 as the recent rally gained steam. It has soared by 228% from its August lows, pushing its valuation to $1.6 billion.
Helium’s rally happened as data from the futures market showed that open interest was in a strong uptrend. According to CoinGlass, the interest rose to over $11 million on Sunday, up from last week’s low of $9.35 million. Most of this interest was in Bitget and OKX.
Helium open interest
Open interest is an important metric that looks at the number of unfilled call and put orders in the futures market. The metric often rises when an asset is seeing strong demand.
Another likely catalyst for the token is that the number of burned HNT tokens has continued rising in the past few months. A recent report by Messari showed that the number of HNT burned in November stood at over $250,000. HNT is usually burned to access data credits to use the network.
Helium’s rally accelerated after the community members voted for the HIP 139. The proposal called for the phasing out of rewards for Citizen Broadband Radio Service on the Helium Network.
After that, Nova Labs will assist CBRS transition by re-flashing their equipment to stock firmware. The decision affected about 4,000 CBRS holders.
Helium price analysis
The daily chart shows that the HNT price has done well as it jumped from $5.22 earlier this month to $9.52 today. This was an important price since it failed to move above it on Dec. 2 and Dec. 7. It is also slightly above the key support at $8.667, its highest level in September.
Helium has remained above the 50-day and 25-day moving averages. It has also moved slightly above the middle line of the Andrew’s pitchfork tool.
Therefore, a clear break above the resistance level at $9.52 will invalidate the triple-top pattern and point to more gains.
If this happens, the next point to watch will be at $11, the year-to-date high, which is about 18% above the current level. A break above that level could see it rally to $20.
Helium was co-founded in 2013 by CEO Amir Haleem, Napster founder Shawn Fanning, and CTO Sean Carey.
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