Helium (HNT) price has recently received traders’ attention as its price depicts price breakout.
The asset has formed a bullish reversal pattern, signaling an upward move in the coming months.
With strong volume, positive indicators, and an increasing market interest, HNT is targeting the $5 price level.
Double Bottom Pattern Signals Potential for Growth
HNT price is currently trading at 3.8777 with a 4% price surge in the 24 hour trading chart.
The price of helium has made a strong double bottom pattern on the price chart, a bullish reversal pattern.
The pattern implies that the downward trend is coming to an end and that the HNT is ready for a reversal to a higher price.
1-Day HNT Trading Chart| Source: Trading View
The breakout was above the neckline in the pattern, near the $3.87 level. This marked that the market is bullish and with it, the price is likely to run towards $5 in the short term.
This double bottom setup usually indicates upside potential to potentially hit new highs for HNT price, as the market shows more confidence and strong buying pressure.
Technical Market Indicators Support the Bullish Trend For HNT Price
RSI for HNT was at 66.50. This means the overbought signal has not yet begun to flash.
This means that there could be more surge in the price before it becomes overbought.
The uptick in buying volume is further supported by the rise in buying volume as reflected in the Cumulative Volume Delta (CVD).
Market participation is strong and that is also backing the buying pressure further confirming the bullish trend.
Another sign that points to an upward trend is the MACD indicator. Since the MACD line is above the signal line, it means the positive growth can continue.
Open interest has also improved 10.72% in the last 24 hours. Which means that the market participation was growing.
With the bullish market continuing, this means more and more traders are entering positions, which will likely result in higher short term volatility and larger price swings.
Wedge Pattern Forms on HNT Price Chart, $15 Target for 2025
Helium ($HNT) is consolidating in a wedge pattern, a bullish reversal pattern just before strong breakouts.
Currently, the price trades within this narrowing range, bounded on the top by the upper trendline, and on the bottom by the lower one.
Market analyst SolbergInvest indicates that the breakup from this wedge formation may be an impulse for a big price movement.
Source| X
If HNT price manages to break resistance at the $4.7 level, that would make rallying to $15 possible.
Given the current consolidation phase within the wedge pattern, a breakout may occur after the price breaks above the upper boundary of this phase.
According to the analyst the $15 target is attainable if the breakout is supported by growing volume, as that would indicate strong buying interest and continued upward momentum.
Market Looks Up as SEC Dismisses Lawsuit
To further bolster the positive momentum for $HNT, the US Securities and Exchange Commission (SEC) dismissed a lawsuit against Nova Labs, the developer of the Helium network.
The dismissal with prejudice would prevent the SEC from levelling similar charges on the Helium token with Nova Labs in the future.
This clarity removes uncertainty over the project, further enhancing investor confidence.
The success of helium in clearing this legal hurdle is a major victory for the project and for the broader decentralized wireless network ecosystem.
This lawsuit will leave the project to grow further and it will keep on growing since more participants will be continuing to join its network of users.
