The post Analyzing the odds of Helium’s [HNT] price falling below its 2024 low appeared on BitcoinEthereumNews.com.

Selling volume for HNT has spiked above its buying volume in the derivatives market HNT could establish a new two-month low as more sellers mount pressure on the altcoin Helium [HNT] has been in a bearish phase over the past month or so, recording a 20.11% loss on the charts. In fact, market sentiment for HNT has been falling too, with the same coinciding with a hike in selling pressure across the market. Despite this selling signal, however, there may be slight hope for HNT’s recovery as some market participants begin to shift. For example – In the derivatives market, some groups are gradually opening long positions, while in the spot market, bullish activity could be gaining ground again. Surge in selling volume In the derivatives market, selling volume has so far outpaced buying volume. This was evidenced by the Taker Buy-Sell ratio, also known as the Long/Short ratio, dropping to 0.963. When this ratio drops below the threshold of 1, it points to an uptick selling pressure within that timeframe—Typically 24 hours. A ratio above 1 means stronger buying power in the derivatives market. Now, while selling volume has intensified over the last few weeks, the number of unsettled derivative contracts has fallen by 19.80% to $4.96 million, as measured by Open Interest. A decline in Open Interest, alongside a drop in volume, typically means a bearish market scenario. Source: Coinglass In the spot market, sentiment appeared somewhat different too as the Exchange Netflows have been negative for the past two days. To put it simply, this means that traders are moving their assets to private wallets for long-term holding. Whenever this metric has a positive reading, it is a sign of selling activity. Approximately $250,000 worth of HNT has been transferred out of exchanges in the last two…

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Filed under: News - @ February 22, 2025 2:17 pm