The Helium (HNT) token posted an 88% gain on August 29, 2026, rising to approximately $0.42 as trading volume exploded by more than 1,183% to $38.3 million, according to CoinMarketCap data (CoinGecko). The move placed HNT among the top seven best-performing cryptocurrencies of the day and among the most heavily traded digital assets of the session. Notably, the token had set its all-time low of $0.1672 just fifteen days before the rally, making the surge a dramatic reversal of a prolonged bearish trend.

Texas City Adoption Sparks the Rally

The primary catalyst was the city of Celina, Texas, adopting Helium Network infrastructure. The fast-growing suburb recorded 25% population growth over the previous twelve months, placing strain on traditional cellular tower capacity. Municipal authorities converted the city's comprehensive public Wi-Fi network into carrier-grade mobile coverage operating on the Helium Network. Residents now receive a 100GB daily data allocation without any additional tower construction. Helium announced the development in an official blog post, which quickly spread through cryptocurrency trading circles and triggered substantial buying pressure.

The announcement matters beyond the immediate price move because it represents one of the clearest examples to date of a U.S. municipality formally deploying the Helium Network for public infrastructure. Helium, launched in 2019 as a decentralized wireless network originally focused on Internet-of-Things devices, has spent years working to translate its crowdsourced, hotspot-based model into carrier-grade mobile service, including its consumer Helium Mobile offering. A city-level deployment gives the project a tangible, real-world usage case that traders have long viewed as a benchmark for decentralized physical infrastructure networks (DePIN) more broadly — a sector where demand for the underlying token is often tied to actual network utilization rather than speculation alone.

The $HNT (Helium) token surged nearly 100% in 24 hours following an announcement in Texas The pump occurred against the backdrop of news about the launch of the Helium Network in the city of Selina, Texas. The city converted its existing public Wi-Fi network into mobile… pic.twitter.com/MH8tH7Za8k — Lórien (@Lorienss) August 29, 2026 (X post)

Short Squeeze Amplifies the Move

As HNT climbed from $0.21 to $0.43 within several hours, bearish traders opened short positions anticipating a reversal. CoinGlass data shows Helium's weighted funding rate fell to -0.63%, meaning short sellers paid substantial fees to maintain their positions. Short liquidations subsequently exceeded $125,000 — the largest single-session squeeze HNT has recorded in 2026. Open interest expanded 556% to $15 million, while trading volumes reached $50 million, a 2,600% increase. The combination of sharply negative funding rates and cascading liquidations is a familiar pattern in mid-cap tokens, where thin derivatives liquidity can mechanically amplify spot-driven moves.

Technical Picture

On the daily chart, HNT broke out of a descending channel that had constrained price action since June. The 50-day exponential moving average, located near $0.2257, is currently acting as support. The Relative Strength Index stands at 85, indicating deeply overbought conditions, while the ADX indicator trends upward, confirming strengthening momentum.

HNT has pulled back modestly from its intraday peak of $0.44 as traders took profits. Critical resistance sits at $0.44, with a further upside target at $0.53 if the level is breached. Downside support corresponds to the 61.8% Fibonacci retracement level at $0.23. A decisive close above $0.44 would reinforce bullish momentum.

Holder and Exchange Distribution

The top ten HNT holders control 26.36% of total supply. Bybit led exchange activity with $2.80 million in 24-hour volume, followed by LBank with $1.50 million. HNT's all-time high of $55.22 was recorded in 2021. That peak dates from the project's earlier era, before Helium migrated the network to the Solana blockchain in 2023 — a transition that, alongside the expansion into mobile service, reshaped the token's utility profile. Whether the Celina deployment becomes a template that other fast-growing municipalities follow remains the key variable for the network's longer-term trajectory.

Source: Blockonomi