Helium’s native token, HNT, has recently shown signs of bullish potential, gaining 1.68% in the past 24 hours. While this price movement may seem relatively modest, it places HNT ahead of many other top cryptocurrencies in recent market performance. More notably, the token’s current position on the charts suggests it could be gearing up for a much larger move—if it can maintain a crucial level of support.

On the 4-hour chart, HNT continues to trade within a large rising wedge pattern. This technical setup often precedes a breakout, and the wedge’s apex is positioned near the $4.45 mark. A clear breakout above this level could open the door to a fresh rally, potentially pushing the token toward the $5.00 region or higher. However, as with many rising wedge patterns, the risk of a downside break also looms large.

At present, HNT is hovering around the $3.96 range. This price zone puts it in a delicate position, just above a key ascending trendline that serves as immediate support. If the token manages to stay above the $4.00 level and successfully pushes past $4.38, it could confirm a continuation of the bullish trend. On the other hand, if HNT dips below the $3.60 support, the current setup may be invalidated, with the next possible support emerging near $3.40.

Technical indicators offer some optimism for bulls. The MACD (Moving Average Convergence Divergence) indicator recently showed a bullish crossover, with the MACD line rising above the signal line. This kind of movement typically suggests building positive momentum. In addition, the histogram is sitting in positive territory, which further hints at a possible upward push in the near term.

Despite this technical support, the price remains close enough to the lower boundary of the wedge that a downward break remains a real possibility. This makes the coming days especially important for HNT, as the token needs to demonstrate strength above $4.00 while holding the $3.60 trendline if it wants to maintain its current upward momentum.

Another important aspect influencing HNT’s price action is the state of leveraged positions in the market. A recent analysis of liquidation levels shows that a large concentration of short positions was wiped out around the $3.89 mark. As HNT trades near this level, additional short positions are beginning to pile up. If the price moves higher, these shorts could be forced to cover their positions, triggering a wave of liquidations that might accelerate HNT’s climb toward $4.45 and beyond.

However, if the price begins to drop, the liquidity forming below $3.89 could have the opposite effect. A drop could activate liquidation for long positions, increasing selling pressure and potentially dragging the price lower. These liquidity clusters suggest the market is ripe for a volatile move in either direction, making HNT a token to watch closely.

Beyond price action, Helium’s fundamentals continue to improve. The number of mobile hotspots on the network recently increased to over 94,500, adding nearly 300 new hotspots in just a week. Meanwhile, daily users jumped by over 75,000, bringing the total to more than 681,000. These metrics indicate growing network adoption and usage, which often translates to higher demand for the token that powers the system.

However, there was a slight decline in the daily data transfer rate, which fell by about 2 terabytes to 21.47 TB. While this dip may raise eyebrows, it’s likely a short-term fluctuation rather than a trend reversal. The overall growth in users and hotspots suggests that network utility remains strong, and this should support long-term interest in HNT.

Despite these encouraging signs, Helium’s short-term outlook remains tightly linked to broader market trends and the token’s ability to hold key technical levels. A decisive break above $4.45 would likely confirm bullish momentum and draw in more buyers. Conversely, a slip below $3.60 could invite stronger selling and reset expectations toward lower support zones.

As the market continues to evolve, Helium’s HNT stands at a critical point. Traders and investors alike should keep a close eye on how price reacts around these pivotal levels in the days ahead.