Despite increasing negative trends in the crypto market, the Helium (HNT) token has surged 18.36% in the past 36 hours. This Solana-based altcoin has come under the spotlight of investors.
Successful Retest of Support Trendline
With a surge of approximately 20%, the Helium price has successfully tested its support trendline of the ascending channel pattern. Notably, this SOL-based token has been trading within this range since mid-July. Moreover, it recorded an intraday gain of 8.56% with a trading volume of $33.209 million.
Will Helium Price Reach $10?
If the market holds the HNT price above its support level of $8, the bulls will prepare to test its upper resistance level of $9.5. Maintaining the price above that level may set the stage for this altcoin to push its value toward its yearly high of $11. On the contrary, if a bearish reversal occurs, the Helium coin price may retest its support trendline of the ascending channel pattern. Increased bearish sentiment could drive the price down to $6.525.
Long-term Prospects
The HNT coin price has been trading under a bullish sentiment in both short and long time frames, indicating strong project fundamentals and increasing adoption. With a YTD return of +18.41%, it has secured the 53rd position with a market cap of $1.303 billion.
Helium continues to attract investors' attention with its unexpected growth despite unfavorable market conditions. Future developments will reveal if this altcoin can maintain its position and reach new heights.
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