How Helium’s buyback program could push HNT towards $4

**Key Takeaways**

– The price of Helium (HNT) has been driven by the token buyback program’s fees, DEX trading volume, and token transfers.
– If the inverted head-and-shoulders pattern holds, HNT could reverse to the upside, potentially shifting its structural outlook.

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**What’s Driving Helium?**

Helium [HNT] is one of the leading decentralized physical infrastructure networks (dePIN) built on the Solana [SOL] blockchain. Over the past month, the altcoin has surged more than 16%, primarily fueled by its token buyback program, which was launched on October 20th.

Despite the price increase, the daily trading volume of HNT only spiked by 25%, reaching approximately $17 million at the time of writing. The price action suggests the formation of a bottoming pattern. But the question remains — will on-chain activity and fundamentals be strong enough to support a full price reversal?

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**HNT Fees vs. Buyback Program**

An analysis of Helium Network’s fee generation alongside its token buybacks reveals a noteworthy trend. Since October 20th, HNT has been utilizing collected fees to repurchase its own tokens, effectively managing the circulating supply.

While these buybacks initially provided a boost to HNT’s price, their impact has somewhat leveled off since early November. Over the past month, an average of $30,000 worth of HNT has been repurchased daily. This buyback program helps reduce the circulating supply, which could positively influence the price if demand remains steady or increases.

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**Token Transfers and DEX Volume Surge**

Alongside buybacks, token transfer and decentralized exchange (DEX) volumes have been rising. According to Solscan data, total token transfers hit the $30 million mark on the previous day.

DEX trading volume also reached $3 million — the highest level recorded in the past week. The total number of transfers on DEXs exceeded 40,000, with transaction activity trending upwards since November 11th.

The total sales volume was $1.32 million compared to $1.47 million in buy orders, indicating that buy-side pressure has outpaced the sell-side over the past week. These on-chain and fundamental factors point towards a bullish outlook for HNT, aligning well with its current price action.

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**Helium Price Action Analysis**

HNT experienced a brief dip in price but successfully held above the crucial $2 support level. Instead of breaking down, the price remained within a developing inverted head-and-shoulders trading range, suggesting the formation of a potential base.

The Bull Bear Power (BBP) indicator highlighted a tug-of-war between buyers and sellers, with buyers holding a slight edge at present.

For a bullish breakout to materialize, HNT needs to close above the $2.74 resistance zone. Maintaining this level could pave the way for a move toward $4. However, if it fails to break this resistance, the price may continue consolidating between $2.17 and $2.74.

That said, broader weakness in the cryptocurrency market poses a risk to this bullish scenario. A breakdown below the support pattern would invalidate the potential bottom and could lead to further declines.

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**Summary**

Helium’s price could be supported by its ongoing buyback program combined with rising DEX volumes. However, wider market weakness in the crypto sector remains a threat to sustained bullish momentum. Investors should watch closely for a decisive breakout above $2.74 to confirm a trend reversal and potential upward move.
https://bitcoinethereumnews.com/tech/how-heliums-buyback-program-could-push-hnt-towards-4/

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