Helium (HNT) – one of the most prominent decentralized physical infrastructure networks (dePIN) on the Solana blockchain (SOL) – has recorded an increase of over 16% in the past month, driven by the acquisition program (buyback) starting from October 20.
The daily trading volume of the token has only increased by 25%, reaching 17 million USD at the time of writing, amidst the context of prices gradually forming a potential bottoming pattern.
However, the question arises: are the on-chain signals and the fundamental factors of the project strong enough to trigger a clear reversal phase for HNT?
HNT Fee Compared to Acquisition Program
Monitoring the amount of fees generated by the Helium Network along with the acquisition events of the tokens has outlined a fairly clear trend.
Starting from October 20, Helium will begin using all collected fees to acquire HNT, thereby actively regulating the amount of tokens circulating in the market.
The first buyback rounds have helped the HNT price surge significantly, but this effect seems to have slowed down since the beginning of November.
In the past month, an average of about 30,000 USD worth of HNT has been acquired each day.
Source: ArtemisNevertheless, the buyback program still plays a crucial role in helping to reduce the circulating supply — a factor that may continue to support the price, as long as market demand is maintained accordingly.
Explosion in token transfer volume and DEX trading
Similarly, the volume of token transfers and transactions on DEX exchanges has also recorded a breakthrough. According to data from Solscan, the total transfer value on the previous day reached 30 million USD.
The trading volume of HNT on DEX reached 3 million USD — the highest level of the week, with a total number of transfers exceeding 40,000, demonstrating an almost parabolic increase since November 11.
In terms of transaction structure, the total sales value is 1.32 million USD, while the purchase orders reached 1.47 million USD, indicating that demand outstripped supply in the past week.
Source: SolscanAlthough the on-chain metrics and the fundamentals are leaning towards an upward trend, the current price action also reflects a clear consensus in the market.
Price Action Analysis of HNT
HNT has just undergone a short-term correction but remains strong at the support level of 2 USD. Instead of breaking through this area, the price maintains within the structure of the head and shoulders pattern, while also developing a potential price base.
The Bull Bear Power indicator (BBP) shows that the struggle between the bulls and the bears remains intense, with a slight advantage leaning towards the bulls at the current moment.
Source: TradingViewTo confirm a bullish breakout, HNT needs to close a candle above the resistance zone of 2.74 USD. If successful, the price could move towards the 4 USD zone. Conversely, HNT is likely to continue accumulating within the range of 2.17–2.74 USD.
However, the overall picture of the cryptocurrency market still has many unstable factors. A breakdown below the pattern would completely negate the potential bottom formation.
In summary, HNT is still supported by the acquisition program along with an increase in trading volume on DEX exchanges. However, the overall weakening factor of the market still creates significant risks for bullish expectations.
SN_Nour
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