Helium (HNT) price is up by 88% today, August 29, to trade at $0.42 at the time of writing. Trading volumes had surged by 1,183% to $38.3 million per CoinMarketCap data, while the futures market shows aggressive short positioning as traders bet that the rally might not last.
HNT Price Soars 88% After Major Adoption in Texas
The main factor behind the 88% gain in the price of Helium token is the adoption of the Helium network by Celina city in Texas.
In a recent blog post, Helium noted that Celina had converted its WiFi networks across the city into carrier coverage on the Helium network. Helium will now support connectivity for businesses and public places across the city.
The adoption drove a surge in buy-side volumes for the HNT token as traders bet that the move boosts the long-term outlook for Helium token as Texas continues to adopt crypto.
Data from CoinMarketCap shows that Helium token has the seventh-biggest gains in the crypto market today. It is also among the most traded coins, with the low liquidity that is common with weekend trading driving massive price movements.
Ongoing Short Squeeze is Supporting Gains
The second reason why the HNT price is rising today is because of ongoing short liquidations. After the token started to gain and moved from $0.21 to $0.43 within hours, short sellers started to open short positions, betting that the gains would not last.
These short positions caused an overcrowded market because data from CoinGlass shows that Helium’s weighted funding rate has dropped to -0.63%, suggesting that short sellers are willing to pay higher fees to keep their positions open.
CoinGlass also shows that Helium had posted $125,000 in short liquidations at the time of writing, with this being the highest single-day short squeeze recorded by the altcoin in 2026.
Helium’s trading volumes are also up by 2,600% to $50 million, while the open interest has risen by 556% to $15 million.
HNT Price Analysis After Recent Rally
The one-day chart for Helium shows that the token is already overbought after the recent gains coincided with a bullish crypto market after Bitcoin broke $80.000.
The RSI reading of 85 confirms this overbought status. This metric is also tipping north, suggesting that even if an 80% gain has already occurred, the bullish momentum remains strong.
The ADX line that is also rising suggests that the uptrend is becoming strong. However, HNT has dropped below the intraday high of $0.44 because of profit-taking activity.
If the price can close above the resistance of $0.44, the price of HNT could reach the 327.2% Fib of $0.53.
However, if the selling pressure increases as traders bet that the rally is not going to last, the price of HNT might drop to the support at the 61.8% Fib of $0.23.
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