Helium (HNT) has recently caught the attention of traders as its price displays signs of a breakout. The digital asset has established a bullish reversal pattern, indicating a potential upward movement in the coming months. With robust trading volume, favorable indicators, and rising market interest, HNT is now aiming for the $5 price mark.
### Double Bottom Pattern Indicates Growth Potential
At present, HNT is trading at $3.8777, reflecting a 4% increase over the past 24 hours. The helium token has formed a significant double bottom pattern on its price chart, which is a bullish reversal signal. This pattern suggests that the previous downward trend is nearing its end, setting the stage for HNT to shift towards a higher price point. The breakout occurred above the neckline of this pattern, around the $3.87 level, indicating bullish market sentiment and suggesting that the price could reach $5 in the near term. Typically, this double bottom formation signals potential for upside, as greater market confidence and buying pressure emerge.
### Technical Market Indicators Support the Bullish Trend
The Relative Strength Index (RSI) for HNT stands at 66.50, indicating that the asset has not yet reached an overbought status. This suggests that there is room for further price increases before hitting overbought territory. Additionally, the increase in buying volume is corroborated by the Cumulative Volume Delta (CVD), which reflects strong market engagement and bolsters the buying pressure, affirming the bullish outlook. Another indicator, the Moving Average Convergence Divergence (MACD), shows the MACD line positioned above the signal line, reinforcing the likelihood of ongoing positive growth. Furthermore, open interest in HNT has surged by 10.72% over the last day, signaling growing market participation. This bullish sentiment is likely to attract more traders, resulting in heightened short-term volatility and more significant price fluctuations.
### Wedge Pattern Emerges on HNT Price Chart, $15 Target for 2025
Helium ($HNT) is currently consolidating within a wedge pattern, a bullish reversal formation that often precedes strong breakouts. The price is confined within this narrowing range, capped by an upper trendline and a lower trendline. Analyst SolbergInvest notes that a breakout from this wedge could trigger substantial price movement. If HNT manages to overcome resistance at the $4.7 mark, a rally toward $15 becomes feasible. Given the ongoing consolidation within the wedge, a breakout is expected once the price surpasses the upper boundary. The analyst believes that achieving the $15 target is plausible, provided that the breakout is backed by increasing volume, signaling strong buying interest and sustained upward momentum.
### Market Optimism Grows as SEC Dismisses Lawsuit
Adding to the positive sentiment surrounding $HNT, the U.S. Securities and Exchange Commission (SEC) has dismissed a lawsuit against Nova Labs, the organization behind the Helium network. This dismissal with prejudice prevents the SEC from pursuing similar charges against the Helium token and Nova Labs in the future. This development alleviates uncertainty surrounding the project and boosts investor confidence. The successful resolution of this legal challenge represents a significant win for Helium and the wider decentralized wireless network ecosystem. As a result, the project is now positioned for further growth, likely attracting more participants to its network of users.
