In a remarkable turn of events, Helium (HNT) experienced a staggering 88% surge on August 29, 2026, elevating its price to approximately $0.42. This surge was accompanied by an astronomical increase in trading volume, which rose over 1,183% to reach $38.3 million, according to CoinMarketCap data.
This price spike placed HNT among the top seven gainers in the cryptocurrency market that day, highlighting it as one of the most actively traded tokens during the session. Just 15 days prior, HNT had reached an all-time low of $0.1672, making this recent rally a sharp rebound from a prolonged downtrend.
What Sparked the Move
The catalyst for this impressive rally was the adoption of the Helium Network by Celina, Texas. This rapidly growing suburb has seen a 25% expansion in just one year, creating significant strain on its existing cell tower infrastructure.
Celina’s city officials announced the transformation of its entire city-wide Wi-Fi system into carrier coverage on the Helium Network. This innovative move enables residents to receive 100GB of daily data without the need for new cell towers.
The announcement quickly spread through crypto trading communities, prompting traders to respond with substantial buy-side volume, which propelled HNT’s price higher.
Short Squeeze Adds Fuel
As HNT’s price surged from $0.21 to $0.43 within mere hours, short sellers began to bet against the rally, quickly creating a crowded short position. Data from CoinGlass indicated that Helium’s weighted funding rate plummeted to -0.63%, meaning that short sellers faced elevated fees to maintain their positions. This led to over $125,000 in short liquidations, marking the largest single-day squeeze for HNT in 2026.
Additionally, open interest skyrocketed by 556% to $15 million, while trading volumes hit $50 million, up 2,600% from previous levels.
Technical Picture
From a technical perspective, HNT broke out of a descending channel that had been constraining prices since June. The 50-day exponential moving average (EMA) near $0.2257 now serves as a support level.
The relative strength index (RSI) currently sits at 85, indicating overbought conditions, while the ADX line is rising, suggesting a strengthening upward trend. Following its intraday peak at $0.44, HNT has seen a slight pullback due to profit-taking.
Key resistance remains at $0.44, with the next target positioned at $0.53 if this level is breached. On the downside, support is located at the 61.8% Fibonacci retracement level of $0.23. A close above $0.44 would further reinforce the bullish sentiment surrounding HNT.
Interestingly, the top ten HNT holders control approximately 26.36% of the total supply. In terms of trading volume, Bybit led the charge at $2.80 million over the past 24 hours, closely followed by LBank at $1.50 million.
Despite the volatility, HNT’s all-time high remains a lofty $55.22, set back in 2021, leaving room for speculation about the currency’s potential future trajectory.
