HBAR Hits Seven-Month High After 47 Percentage Rally Amid Whale Accumulation

Hedera's HBAR token emerged as one of the top-performing cryptocurrencies on Monday, Dec. 2, fueled by significant whale activity and heightened enthusiasm within its ecosystem.

HBAR's Price Surge and Market Cap Growth

HBAR surged 47% in a single day, reaching a seven-month high of $0.253 before slightly retreating to $0.250 at the time of writing. The rally marked a staggering monthly gain of over 450%, elevating its market capitalization to $9.65 billion.

Drivers of HBAR's Rally

1.Federal Payment System Integration

HBAR's upward trajectory is tied to its role in advancing blockchain-based payment solutions. Hedera's integration with the Federal Reserve's FedNow payment network, facilitated by Dropp, enables real-time, secure, and efficient transactions.

2.Speculation Around Ripple Collaboration

Speculation of a partnership expansion with Ripple has added fuel to the rally. Rumors suggest Hedera could support Ripple's upcoming RLUSD stablecoin, potentially creating an interoperability layer between HBAR and XRP. Such collaboration may set the stage for global standards in CBDC and stablecoin settlements.

3.ETF Approval Buzz

Optimism also surrounds the potential approval of a Hedera-focused exchange-traded fund (ETF) filed by Canary Capital with the U.S. Securities and Exchange Commission. The possible departure of SEC Chair Gary Gensler and the emergence of a pro-crypto administration under Donald Trump have raised hopes for ETF approval, which could attract institutional investors and bolster HBAR's price trajectory.

Whale Activity on the Rise

Data from HederaWatch shows a surge in whale activity, with accounts holding between 100,000 and 100 million HBAR increasing significantly. Notably, wallets holding 100 million tokens have grown by over 20% since August.

Trading Volume and Market Indicators

HBAR's 24-hour trading volume soared 323% to $3.46 billion, while open interest jumped 76% to $324 million, signaling a substantial inflow of fresh capital.

Google Trends data highlights a surge in retail interest in HBAR, with U.S. search activity reaching a five-year peak.

Technical Analysis

On the HBAR/USDT daily chart, the token has climbed above its 50-day and 200-day Simple Moving Averages, forming a golden cross—a strong bullish signal suggesting further price momentum.

However, the Relative Strength Index (RSI) has hit 83, signaling overbought conditions. While this confirms bullish activity, it also suggests the possibility of a price pullback if momentum slows.

Support Levels

In the event of a price correction, HBAR may find support at $0.1358, corresponding with the middle Bollinger Band. This level has previously served as a support zone, notably during the price dip on Nov. 25.

Conclusion

HBAR's remarkable rally reflects growing confidence in its ecosystem, bolstered by whale accumulation, federal payment integration, and speculative developments. While the bullish trend is apparent, traders should remain cautious of potential pullbacks as the token navigates its overbought territory.