Helium ($HNT) is experiencing bullish momentum after forming a bullish double bottom pattern. It signals a potential upward move. The breakout above the $3.87 neckline confirms this bullish trend, with the price currently trading at $3.8777.
This pattern suggests that the downtrend is ending, and the price is ready to move higher.
Technical Indicators Support Bullish Momentum
Several technical indicators support the bullish trend for the HNT token. The Relative Strength Index (RSI) stands at 66.50, indicating that the asset is not yet overbought and may have room for further gains. An uptick in buying volume, as reflected in the Cumulative Volume Delta (CVD), suggests strong market participation.
Additionally, the Moving Average Convergence Divergence (MACD) line is above the signal line, pointing to continued positive growth. Open interest has also improved by 10.72% in the last 24 hours, indicating growing market participation and potential for higher short-term volatility and larger price swings.
Wedge Pattern Hints at $15 Target for 2025
Beyond the immediate target of $5, HNT is consolidating within a wedge pattern—a bullish reversal pattern that often precedes strong breakouts. Currently, the price trades within this narrowing range, bounded by upper and lower trendlines.
Market analyst SolbergInvest suggests that a breakout from this wedge formation, particularly above the $4.7 resistance level, could propel HNT towards a $15 target in 2025. Such a move would require strong buying interest and continued upward momentum.
Regulatory Clarity Boosts Investor Confidence
Adding to the positive sentiment, the U.S. Securities and Exchange Commission (SEC) recently dismissed a lawsuit against Nova Labs, the developer of the Helium network.
This dismissal with prejudice prevents the SEC from bringing similar charges against Helium in the future, removing a significant source of uncertainty and enhancing investor confidence. The resolution of this legal hurdle is a major victory for the project and the broader decentralized wireless network ecosystem.