HBAR Soars 12% After Axelar Integration: Bullish Momentum Builds

Sean Williams
Hedera (HBAR)

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  • Hedera’s integration with Axelar enhances its cross-chain capabilities, boosting liquidity and market activity.
  • Whale activity and a favorable Funding Rate suggest growing confidence in HBAR’s future.
  • If buying momentum continues, HBAR could test the $0.20 resistance level in the near future.

Hedera’s (HBAR) recent integration with Axelar, a leading interoperability protocol connecting over 60 major blockchains, is shaking up the crypto space. In a dramatic market response, Hedera’s native token, HBAR, saw a nearly 12% price surge in just 24 hours. This marks a significant moment for Hedera’s cross-chain capabilities and is fueling excitement among traders and investors.

Hedera Joins the Multi-Chain Ecosystem

The integration with Axelar places Hedera firmly within a broad multi-chain ecosystem, enhancing its cross-chain functionality. As a result, Hedera’s liquidity, asset transfers, and overall developer activity stand to benefit. This development could attract more decentralized finance (DeFi) projects and applications, expanding Hedera’s utility in the crypto market.

The immediate market reaction has been positive, with traders flocking to capitalize on the new possibilities for Hedera in a broader blockchain network. As Hedera becomes more connected with other blockchains, it’s expected to boost HBAR’s value by facilitating smoother transactions and deeper market penetration.

Whale Activity Signals Growing Confidence

The price jump in HBAR was quickly followed by an increase in whale activity. Large investors, known as whales, have begun accumulating HBAR, suggesting growing confidence in the token’s future performance. A key indicator of this optimism is the Funding Rate, which recently surged above 1%, a sign that long position holders are actively paying to keep their positions open.

In addition, the Long/Short Ratio has increased to 1.7, reflecting a predominantly buyer-driven market. With long positions nearly doubling compared to shorts, it’s clear that sentiment among investors is shifting towards bullishness. The accumulation by whales signals sustained demand for HBAR, particularly if the token’s cross-chain capabilities continue to grow.

Hedera long short ratio
Source: Coinalyze

Can the Rally Continue?

As the market digests the impact of Axelar’s integration, traders are left wondering whether the bullish momentum will last. While market conditions remain favorable, with a positive Funding Rate and increasing whale accumulation, the real test will come in the form of sustained demand and broader market conditions.

Also Read: Bitcoin Goes DeFi on Hedera: What This Means for BTC Investors

With the stochastic RSI bouncing from an oversold region, there’s added confidence that HBAR could continue to rise. If the buying momentum holds, HBAR may soon test the next resistance level at $0.20, with potential for further upward movement.

The Axelar-Hedera integration has opened up a new chapter for Hedera and its native token, HBAR. With growing cross-chain opportunities and an increase in whale activity, HBAR appears primed for continued bullish momentum. Traders and investors are watching closely, hoping for sustained upward pressure and a broader rally.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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