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At press time, Helium (HNT) recorded a sharp rally over the past day, posting double-digit gains for one of the first times in months. The move appears positioned for further upside, though several technical and structural hurdles must be cleared to sustain the recent momentum.
The case for further upside is supported by 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. The blue MACD line is approaching a crossover above the orange signal line, a development that would typically reinforce bullish momentum.
Sentiment, however, remains only partially supportive when viewed through the Relative Strength Index (RSI). While the RSI continued to trend upward, it has not yet broken into the bullish zone above 50. A move above 50 would strengthen the case for sustained upside and confirm the recovery already underway.
Activity in the perpetual Futures market suggests bullish participation is gradually increasing.
According to CoinGlass, HNT’s Open Interest (OI) has climbed by roughly 10%, reaching $2.3 million. This is the highest level of capital in the perpetual market since April 29, indicating that investors are beginning to return capital to the asset.
While rising OI alone does not confirm whether the trend is bullish or bearish, the Funding Rate adds context. Funding turned positive, reaching 0.0144% over the past day. Positive funding typically indicates that long traders are dominant and paying a premium to maintain positions, reinforcing a bullish bias in the derivatives market.
Structurally, HNT continues to trade within a broader descending channel that has been in place since 2025. Since February 19, the asset has been moving within a narrower downward channel.
More recently, price action rebounded from a key demand zone, suggesting growing buying interest at lower levels. However, a decisive bullish confirmation depends on whether HNT can break above the channel’s resistance line. Until that occurs, the broader downtrend structure remains intact.
If HNT breaks above this resistance, three upside targets come into focus: $1.16, $1.34, and $1.67.
For now, market sentiment leans bullish, but the price reaction at the resistance level will likely determine whether the rally extends or fades.
