Helium (HNT) Price Prediction: HNT Jumps 228% to Hit $9.5 Resistance as DePIN Demand Accelerates

Helium, the biggest player in Decentralized Public Infrastructure, rose for three consecutive days. Helium (HNT) jumped to the crucial resistance level at $9.520 on Sunday, Dec. 15 as the recent rally gained steam.

Helium (CRYPTO: HNT) price action saw a strong rally over the last three days, with the price jumping to a crucial resistance level on Sunday evening.

What Happened: Helium price rallied by 228% since August lows, bringing its market capitalization to $1.6 billion and placing it as the biggest player in Decentralized Public Infrastructure (DePIN).

Helium price jumped to the $9.520 resistance level on Sunday. HNT price was last seen trading up by 0.06% at $9.46 over the last 24 hours, as per data from Benzinga Pro.

Helium price surged on Sunday as data from the futures market showed that open interest was in a strong uptrend.

According to CoinGlass, the open interest rose to over $11 million on Sunday, which was up from last week's low of $9.35 million.

Out of the total open interest, a majority of it was seen on Bitget and OKX.

Helium Open Interest. Source: CoinGlass

Open interest is a metric that looks at the number of unfilled call and put orders in the futures market.

The metric often rises when an asset is seeing strong demand.

Another catalyst for the token could be that the number of burned HNT tokens has continued rising in the past few months.

A recent report by Messari showed that the number of HNT burned in November stood at over $250,000.

hnt Burned Tokens. Source: Messari

HNT is usually burned to access data credits to use the network.

DePIN demand is accelerating.

Leading High-P DePIN networks are seeing steady growth and tracking towards all-time highs in December.

- @Hivemapper - $HONEY is burned for map data usage.

- @GEODNET_ - $GEOD is burned for location correction data usage.

- @helium - $HNT is … pic.twitter.com/OcRU2bRMdD

Helium price rally accelerated after the community members voted for the HIP 139. The proposal called for the phasing out of rewards for Citizen Broadband Radio Service on the Helium Network.

After that, Nova Labs will assist CBRS transition by re-flashing their equipment to stock firmware. The decision affected about 4,000 CBRS holders.

Helium Price Analysis: Helium price has performed well in the past few weeks as it jumped from a price of $5.22 earlier this month to $9.52 today.

This price was important since it failed to move above it on Dec. 2 and Dec. 7. It is also slightly above the key support at $8.667, its highest level in September.

Helium price has remained above the 50-day and 25-day moving averages. It has also moved slightly above the middle line of the Andrew’s pitchfork tool.

Therefore, a clear break above the resistance level at $9.52 will invalidate the triple-top pattern and point to more gains.

If this happens, the next point to watch will be at $11, the year-to-date high, which is about 18% above the current level. A break above that level could see it rally to $20.

Helium was co-founded in 2013 by CEO Amir Haleem, Napster founder Shawn Fanning, and CTO Sean Carey.