HNT surges 19%, price cooldown expected

Helium (HNT) has emerged as the top gainer among the top 100 cryptocurrencies while a key indicator suggests a price cooldown.

HNT is up by 19% in the past 24 hours and is trading at $8.14 at the time of writing. The asset’s market cap rose to $1.16 billion, making it the 61st-largest cryptocurrency. Helium’s daily trading volume increased by roughly $12 million, reaching $46 million.

According to data provided by the market intelligence platform Santiment, Helium’s Relative Strength Index (RSI) currently stands at 81.55 — suggesting the possibility of a price cooldown. For HNT to gain further bullish momentum, the asset’s RSI needs to stay below the 65 mark.

Moreover, Helium’s social volume has also been declining since Dec. 15. Per Santiment, the social activity around the crypto asset dropped by 27% over the past 24 hours.

According to the market intelligence platform, HNT’s total open interest (OI) dropped by around $280,000 over the past day — currently standing at $3.69 million. Helium’s total OI took a deep dive from a local high of $5.8 million to $2.5 million between Dec. 10 and Dec. 13. 

The recent upward momentum shows that investors have been trying to accumulate the asset until further price movements. 

According to data provided by CoinGecko, HNT’s sister coin, Helium Mobile (MOBILE), also became the top gainer among the top 300 cryptocurrencies. MOBILE recorded a 98% rally in the past 24 hours and is trading at $0.0069 at the reporting time. 

One of the key price drivers of HNT and MOBILE could be Nova Labs’ monthly data plan launch in the U.S.