Helium price could enter beast mode, technicals suggest

Helium's Consecutive Rise in Decentralized Public Infrastructure

Helium (HNT), a prominent player in decentralized public infrastructure, experienced a three-day surge. On Sunday, December 15, HNT ascended to a pivotal resistance level of $9.520, marking a 228% increase since its August lows and boosting its valuation to $1.6 billion.

Growing Open Interest

Data from the futures market indicated a surge in open interest for Helium, a metric denoting the number of unfilled orders. According to CoinGlass, open interest reached over $11 million on Sunday, significantly higher than last week's $9.35 million. Bitget and OKX accounted for the majority of this interest.

Burned Token Rise

Another contributing factor to Helium's rally was the increasing number of HNT tokens burned during the past few months. A report by Messari revealed that over $250,000 worth of HNT was burned in November. HNT is typically burned to access data credits for network usage.

DePIN Demand Increase

The demand for Helium's DePIN service has accelerated, with leading high-performance DePIN networks experiencing steady growth and approaching all-time highs in December.

HIP 139 Vote

Helium's rally intensified after community members approved HIP 139, a proposal phasing out rewards for Citizen Broadband Radio Service on the Helium Network. Nova Labs will assist CBRS holders in transitioning their equipment.

Technical Analysis

HNT's daily chart indicates a positive price trajectory, rising from $5.22 earlier this month to $9.52 today. A break above the resistance level at $9.52 will affirm upward momentum, targeting $11 (the year-to-date high) and potentially $20.

Background

Helium was co-founded in 2013 by Amir Haleem, Shawn Fanning, and Sean Carey. The company plays a significant role in decentralized public infrastructure, providing a platform for connecting devices and data.