While the cryptocurrency market is rising with Bitcoin (BTC) soaring above $100,000, HBAR's price is heading in the opposite direction. HBAR has dropped nearly 7% to $0.3093. Nevertheless, this correction seems to indicate that a period of accumulation is needed before new growth occurs.
However, despite the recent decline in value, positive market sentiment remains strong. Developments like Hedera's partnership with Dropp are driving this trend, which could have significant implications for the future of direct payments.
HBAR looks good on the candlestick chart
The HBAR/USDT candlestick chart shows a massive upward trend, followed by a consolidation pattern. For example, HBAR surged 131.01% during the initial rise, from $0.15 to $0.35. After this surge, the price entered a flag consolidation pattern characterized by a descending parallel trendline—typically seen as a bullish continuation pattern.
According to the structure of this model, a price target of around $0.60 may be a realistic target, representing a 63% potential upside. Additionally, the Bollinger Bands indicate that after reaching the upper band, the price has consolidated near the middle band, which serves as support. However, a breakdown may indicate further declines.
The Acc/Dist line initially showed strong buying pressure during the recent rally but has since flattened—an indication that accumulation may be decreasing and selling pressure could be increasing. Lastly, the stochastic oscillator is in the oversold zone, indicating continued bearish momentum. However, a bullish crossover in this area could signal a potential rebound.
Hedera's 24-hour trading volume surpasses Solana
Hedera also made headlines today for other reasons, as its 24-hour trading volume surpassed that of Solana. Reports indicate that Hedera recorded a trading volume of 7.26 billion in 24 hours, slightly higher than Solana's 7.04 billion. This performance suggests that Hedera's network activity and interest are continuously growing, indicating higher adoption rates or network usage compared to its competitor Solana.
Moreover, statistics show that as of the time of writing, Hedera's market cap stands at $12.42 billion, with a fully diluted market cap of $16.25 billion. In comparison, Solana's market cap is significantly higher at $107.48 billion. Nonetheless, Hedera's substantial trading increase indicates growing attractiveness, potentially driven by recent network improvements, collaborations, and ecosystem growth.
The OI-weighted financing rate for HBAR has also continued to rise, peaking at around 0.08% when the price rose from $0.15 to above $0.30 in early December. The ongoing positive financing rate highlights bullish sentiment among traders, with long positions dominating the market. The increase in open interest seems to reinforce this trend, indicating strong market awareness.
SpaceX's collaboration could provide a significant boost
Hedera's latest collaboration with SpaceX integrates its blockchain technology into SpaceX's space missions for advanced data tracking. This marks a significant milestone in both the blockchain and aerospace industries.
This move will not only enhance HBAR's credibility but also position it as a major player in the rapidly evolving space technology sector.