Following a key legal victory against the SEC, Helium (HNT) leads the crypto market gains. Is this the beginning of a new era for decentralized networks?
The Helium (HNT) cryptocurrency continued its impressive price rally this Sunday, posting partial gains of 5.20% to trade at $3.88 at the time of this report. HNT has experienced a spectacular rise over the past five days, fueled by the U.S. Securities and Exchange Commission's (SEC) decision to dismiss its allegations that Nova Labs sold unregistered securities. This crucial ruling establishes that Helium-compatible access points and the distribution of HNT, IoT, and Mobile tokens will not be classified as securities.
From a technical perspective, HNT managed to break above the 50-period exponential moving average, which could be interpreted as a signal of the end of a bearish trend that had persisted since December 15. / TradingView
HNT Leads the Bullish Charge After Legal Victory
According to the Coinmarketcap table, HNT ranked as the cryptocurrency with the biggest gains among the top 100 digital assets by market capitalization in the last 24 hours. This impressive performance follows an exceptional week in which the HNT price soared 36.63%. The cryptocurrency found a solid bottom at $2.36 since March 9, from where it began a strong rebound. On Saturday, HNT had already recorded significant gains of 26.10%, and this Sunday it reached highs of $4.39.
Technical Analysis: Is a Trend Reversal in Sight?
From a technical perspective, HNT managed to break above the 50-period exponential moving average, which could be interpreted as a signal of the end of a bearish trend that had persisted since December 15. However, the price is now facing key resistance at the 200-period exponential moving average, located at $4.6. It closed within the 50- and 200-period EMA channels, signaling weakness in the downtrend. Breaking through this level would be crucial to confirm a possible trend reversal. The recent price rally is supported by a notable increase in trading volume over the past week, nearly doubling the average of the past 25 days, suggesting strong buying interest.
Open Interest in HNT Futures Is Rising
In the futures market, HNT is also experiencing a recovery in open interest, according to Coinglass data. This Sunday, HNT open interest stood at $6.28 million, marking the highest amount reached since March 23. This increase suggests that liquidity may be returning to this cryptocurrency following its victory against the SEC. HNT is emerging as one of the alternative cryptocurrencies reversing losses, and some investors may be taking advantage of its relatively low prices after a brief accumulation phase.
Helium's Official Statement Following the SEC Decision
In a recent official statement on its website, Helium celebrated the SEC's decision:
"Today marks an important victory for Helium and The People's Network. Nova Labs, the founding team of Helium, confirms that the SEC has agreed to dismiss without prejudice its allegations that Nova Labs sold unregistered securities. With this dismissal, we can definitively state that all Helium-compatible access points and the distribution of HNT, IoT, and MOBILE tokens through the Helium Network do not constitute securities."
Helium expressed its gratitude to the new SEC leadership for "finally providing clarity" and expressed hope for "a new era where innovation can truly thrive." With this chapter closed, Helium and its community move forward with confidence to accelerate adoption and innovation in decentralized and cryptocurrency-based wireless infrastructure.
The SEC's favorable decision represents a significant milestone for Helium and the decentralized networking sector. The elimination of regulatory uncertainty has unleashed strong buying interest, driving the price of HNT to levels not seen in weeks. If it manages to break above the key resistance of $4.60, Helium could be entering a new bullish phase, attracting investors seeking exposure to innovative projects on the Internet of Things (IoT) space. The future of the "People's Network" looks brighter than ever.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency trading is highly volatile and carries significant risks, including the total loss of your invested capital. Consult a financial advisor before making any investment decisions.
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