At press time, Helium [HNT] recorded a sharp rally over the past day, with the asset posting double-digit gains for one of the first times in months.
The asset now appears positioned for further upside. However, several hurdles still need to be cleared to sustain the upward trajectory seen in recent sessions.
Why HNT’s rally may just be getting started
The case for further upside stems from strengthening bullish signals across key technical indicators.
At the time of writing, HNT’s Moving Average Convergence Divergence (MACD) was closing in on a potential golden cross. Moreover, the blue MACD line is approaching a crossover above the orange signal line, which would reinforce bullish momentum.
On the other hand, sentiment remains partially restrained when viewed through the Relative Strength Index (RSI). Although the RSI continued to trend upward, it has yet to break into the bullish zone above 50. A move above 50 would strengthen the case for sustained upside and confirm the recovery already underway.
Perpetual markets support the move
Activity in the perpetual Futures market suggests that bullish participation is gradually increasing.
Data from CoinGlass shows that HNT’s Open Interest (OI) has climbed by roughly 10%, reaching $2.3 million. This marks the highest level of capital in the perpetual market since the 29th of April, indicating that investors are beginning to return capital to the asset.
A rise in OI alone does not confirm a bullish or bearish trend. However, Funding Rate data provides additional clarity, as it turned positive, reaching 0.0144% over the past day.
When funding turns positive, it indicates that long traders are dominant and are paying a premium to maintain their positions, reinforcing a bullish bias in the derivatives market.
Structure remains bullish, but resistance is key
From a structural standpoint, HNT continues to trade within a broader descending channel that has been in place since 2025.
A closer look shows that since the 19th of February, the asset has moved within a narrower downward channel. More recently, price action has rebounded from a key demand zone, suggesting growing buying interest at lower levels.
However, a decisive bullish confirmation depends on a breakout above the channel’s resistance line. Until then, the broader downtrend structure remains intact.
If HNT breaks above this resistance, three key upside targets come into focus: $1.16, $1.34, and $1.67.
For now, market sentiment leans bullish, but price reaction at the resistance level will determine whether the rally can extend or fade.
Final Summary
- HNT edges closer to forming a golden cross pattern as RSI momentum continues to strengthen.
- Perpetual market activity and broader structure suggest that an extended rally remains possible.
