Helium (CRYPTO:HNT), the DePin token, has experienced a remarkable price rally, surging by 65% in the past seven days to reach $6.47.
This impressive growth comes as HNT decouples from its usual correlation with Bitcoin (CRYPTO:BTC), which has been facing bearish trends.
The weakening correlation between Helium and Bitcoin, now standing at just 0.05, has allowed Helium to chart its own path and capitalise on favorable market conditions.
Over the last 24 hours, Helium’s price crossed the $7 mark for the first time in over four months, showcasing the token's resilience and potential to perform independently of Bitcoin.
While Bitcoin’s downturn has negatively impacted many other cryptocurrencies, Helium’s decision to diverge from the king of cryptocurrencies has paid off, contributing to its recent rally.
Investor interest in Helium has also grown significantly, as evidenced by the doubling of Open Interest over the past week.
Open Interest surged from $2.26 million to $5.95 million, indicating increased confidence and participation from investors.
This surge in Open Interest is a bullish signal, suggesting that the rally may have further room to run.
Helium’s price could continue its upward trajectory, with the next target being $8.
However, breaking through this key barrier will require sustained bullish momentum.
There is also the possibility that some investors may choose to book profits, which could lead to a temporary price decline.
If selling pressure increases, Helium may lose its support at $6.33, potentially falling to the psychological support level of $5, which would challenge the current bullish outlook.
Helium’s recent price surge is driven by its strategic decoupling from Bitcoin and growing investor interest, positioning it as a strong performer in the cryptocurrency market.