Hedera’s HBAR token surged by over 5% after the broader market jumped, attracting renewed investor interest. On-chain data indicates the jump could just be the start. Large investors have been quietly accumulating positions, fueling speculation that more upside could soon materialize.
Whales with at least one million HBAR grew from 82.41 to 84.09 between August 16 and 23. Similarly, wallets holding over 10 million tokens increased from 106.59 to 107.86. At current values near $0.25, this represents millions in renewed exposure.
Momentum could propel Hedera toward $0.30
Such momentum gauges support this bull argument. Although HBAR dipped momentarily from $0.23 to $0.22 from August 19 through 22, the Relative Strength Index surged from 43 to 51. This is indicative of robust purchasing demand, even though prices looked weak from observational market charts.
Technical analysts interpret RSI divergence as evidence of latent demand. The indicator commonly signals the point at which buyers are consuming liquidity at lower levels. For HBAR, that means recent weakness has been accumulation and not distribution, thereby maintaining bullish sentiment anchored despite softer trading.
HBAR trades near $0.25 and faces key resistance at $0.27. Clearing this barrier could trigger momentum toward $0.30, offering relative outperformance compared with broader crypto benchmarks. If support at $0.22 fails, however, downside could extend sharply, with $0.15 identified as the next safety net.
Consolidation may precede significant upside move
Despite whale buying and a stronger RSI, overall trading activity has slowed down. Daily trading volume fell 67.54% to $254.35 million, indicating fewer spot transactions. Also, open interest declined 4.05% to $408.92 million, indicating traders are closing active positions after weeks of an elevated short-term trajectory of Hedera.
The lower trading activity may not be bearish by itself. Markets tend to consolidate before they pick up trends, especially if long-term investors keep building exposure. The relatively stable mid-$0.20 range of HBAR prices demonstrates such an equilibrium between fearful short-term traders and bullish long-term holders.
Funding data support a cautiously bullish outlook. The OI-weighted funding rate stands at 0.0104%, which reveals a minor positive bias. Combining whale accumulation, bullish divergence, and sustained price action offers a constructive backdrop.
Trading activity has pulled back, may be more of a consolidation than weakness. Breaking above $0.27, the move up toward $0.30 becomes that much more believable, and positions the token up for larger seasonality gains.
