HBAR price jumps 41% in 24 hours to touch two-year high
Open interest hits record $222M amid institutional interest
Technical indicators suggest potential push to $0.30
Hedera’s HBAR token has achieved a remarkable breakthrough, surging 41% in the past 24 hours to reach $0.24, crossing the psychologically significant $0.20 threshold for the first time in two years.
This price action coincides with several fundamental developments that have dramatically shifted market sentiment toward the protocol.
Fundamental Catalysts Driving HBAR’s Growth
The current rally appears to be driven by two major catalysts. First, market speculation has intensified regarding a potential collaboration between Ripple and Hedera focused on developing a global settlement standard.
This possibility has gained particular attention due to Ripple’s plans to expand its RLUSD stablecoin to the Hedera network. Second, Canary Capital’s filing for the first-ever Hedera HBAR spot ETF represents a significant step toward institutional adoption, potentially opening the door for traditional investors to gain direct exposure to HBAR.
The surge in institutional interest is reflected in the derivatives market metrics. Open interest has experienced an extraordinary thousand-percent increase over the past month, reaching an all-time high of $222 million.
This metric’s growth during a price rally is particularly significant as it indicates new positions being opened rather than existing ones being closed, suggesting strong conviction in the current market direction.
Supporting this bullish narrative, the funding rate sits at a positive 0.022%. In the perpetual futures market, this positive rate indicates that traders holding long positions are willing to pay a premium to maintain their bullish exposure, reflecting broader market confidence in continued upward momentum.
The Super Trend indicator on the daily timeframe provides technical validation of the bullish market structure. With price trading above the indicator’s green line, the technical framework supports the potential for continued appreciation toward the $0.30 level.
However, market participants should remain mindful of the $0.15 support level, as any significant deterioration in buying pressure could trigger a test of this zone.
The convergence of fundamental catalysts, derivatives market strength, and supportive technical indicators suggests HBAR’s rally may have room to extend, though careful monitoring of key support levels remains prudent in managing risk.
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