TL;DR
Hedera Hashgraph (HBAR) surged 21% from its weekly low, reaching $0.324, driven by the crypto market’s Christmas rally.
Optimism grows with the potential approval of an HBAR ETF by the SEC, as it is not classified as a security, unlike Solana or Ripple.
Technically, HBAR shows bullish patterns and is expected to reach $0.40, though risks remain if key support levels are not maintained.
Hedera Hashgraph (HBAR) has seen a significant price surge over the past day, gaining more than 21% from its weekly low and reaching $0.324 on Christmas Eve.
This rise was fueled by the return of the crypto market’s Christmas rally, commonly known as the “Santa rally,” which has rekindled optimism among traders. HBAR’s price increase aligns with a broader recovery among altcoins in the market.
What Drives Hedera’s (HBAR) Increase?
While no specific news directly triggered Hedera’s rise, analysts believe the surge is mainly tied to positive market sentiment and favorable technical factors.
One key factor contributing to this optimism is the expectation that the U.S. Securities and Exchange Commission (SEC) might approve an HBAR exchange-traded fund (ETF). Such approval would be a major step in increasing the cryptocurrency’s visibility and adoption. Eric Balchunas, an ETF analyst at Bloomberg, highlighted that the SEC has not classified Hedera as a security, unlike other cryptocurrencies such as Solana or Ripple, which strengthens the likelihood of smooth approval.
From a technical perspective, HBAR has formed bullish patterns, such as a double bottom and a falling wedge, which indicate a potential continuation of the positive trend. Additionally, Hedera’s price has remained above its 50-day moving average, signaling that buyers still dominate the market. Analysts predict that HBAR could reach $0.40 in the short term, representing a 20% increase from its current level.
However, some experts caution that despite the optimism, Hedera could face corrections if certain support levels are not maintained. Specifically, the $0.187 and $0.207 levels are being monitored as critical zones to prevent further declines. In this context, some analysts have also suggested that HBAR could reach even higher values, such as $3.27, if its upward trajectory continues, though this forecast is subject to market developments
