Helium (HNT) has surged 32% as Celina, Texas adopts its network and a major short squeeze accelerates the rally. Here are the key HNT levels to watch.
HNT$0.49326-3.95%The supplied market snapshot also shows HNT around $0.84, with 24-hour trading volume above $200 million, confirming the unusually high activity surrounding the token.
The latest HNT rally has two main drivers: Helium's growing real-world adoption and a major short squeeze.
On August 28, Celina, Texas announced a live Helium deployment that converted existing public Wi-Fi infrastructure into carrier-grade coverage. The network is already carrying around 100 GB of data per day, with more locations expected to come online this fall.
Helium says the deployment allows phones to connect automatically when users enter covered areas, without requiring an app or additional setup. The project also says its network now spans more than 42,000 U.S. locations and serves more than 2.5 million people daily.
The news strengthened the fundamental case for HNT by showing another example of Helium being used for real-world connectivity rather than purely speculative crypto activity.
The network news helped attract buyers, but derivatives appear to have amplified the move.
According to the updated CoinGlass data supplied for this article, more than $1.5 million in HNT short positions were liquidated over the weekend. When leveraged shorts are liquidated, exchanges automatically close those positions by buying the underlying asset, adding further upward pressure.
That can create a feedback loop:
HNT rises → shorts are liquidated → forced buying increases → HNT rises further.
Open interest also jumped 197.6%, showing that traders continued adding leveraged positions as the price moved higher.
Funding rates became extremely negative during the move, with the supplied data showing rates as low as -1000% annualized on Bybit. Deeply negative funding suggests that short positioning became heavily crowded.
This helps explain why HNT moved so quickly despite the broader crypto market remaining relatively subdued.
The latest rally has pushed HNT into an extended technical setup.
The updated market analysis identifies $0.7527 as the key 38.2% Fibonacci support level. As long as HNT remains above this area, bulls could attempt another move toward the recent $0.989 swing high.
However, the risk of a pullback is increasing.
A large part of the recent move came from forced buying rather than steady spot demand. If liquidations slow and open interest begins to flatten, HNT could struggle to maintain its current levels.
Trading volume is another key indicator. The updated data suggests that a sustained decline below $100 million in daily volume would signal that momentum is fading.
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AAVECelina, TX grew 25% in 1 year. You can’t build cell towers fast enough to keep up with that kind of growth. Celina turned its own city-wide Wi-Fi networks into carrier coverage on the Helium Network. 100 GB/day, automatic on residents’ phones. No towers necessary.
