Hedera (HBAR) has captured the market’s attention with a staggering 600% price increase in 30 days. Its open interest (OI) has now reached an all-time high of $417.98 million, signaling record trader engagement. This surge has positioned HBAR for potential further gains.
Hedera Gains Trader Momentum
Hedera’s rising OI reflects growing trader interest. According to Glassnode, OI measures the total number of open positions in a contract. When OI increases, it indicates traders are actively entering the market, often driven by bullish sentiment.
Currently, HBAR’s funding rate remains positive, which suggests that long positions are paying fees to short positions. This trend reveals trader confidence in a continued price increase.
Technical Indicators Support a Bullish Outlook
On the 4-hour chart, HBAR recently broke out of a descending triangle pattern formed between December 3 and 6. While this pattern usually signals a potential downtrend, HBAR defied expectations by surging above the falling channel.
This breakout points to a short-term price target of $0.42, assuming the bullish momentum holds. However, retracement below the support level at $0.28 could send the price down to $0.22, especially if OI starts to decline.
HBAR Price Prediction: Further Gains Ahead?
With sustained positive funding rates and increasing OI, HBAR appears set for more upward momentum. While short-term resistance at $0.42 remains a key mil
