HBAR Price Prediction: Hedera Hashgraph (HBAR) May Soar from $0.32 to $2.50

Hedera Hashgraph price has done well in the past few months, and technicals and fundamentals suggest that HBAR may soar from $0.32 to $2.50.

Hedera Hashgraph (CRYPTO: HBAR) price has done well in the past few months. But technicals and fundamentals suggest that HBAR may soar from the current $0.32 to $2.5. Here are three reasons why.

HBAR technicals suggest a surge is coming

The first main reason why the HBAR price may soon jump to $2.5 is that the coin has formed a highly bullish pattern. Looking at the daily chart, the coin has formed what is known as a bullish flag chart pattern.

This is a popular pattern that happens when an asset price goes up sharply and then consolidates for a while. As the price consolidates, it forms two parallel trendlines, with the upper one being horizontal and the lower one being inclined upwards.

The price target in a bullish flag pattern is determined by measuring the size of the flag and then extrapolating that distance from the upper side. In this case, the Hedera price soared by over 800% between November 5 and December 3.

Therefore, measuring that distance from the upper side of the flag shows that the coin will jump to $2.5 in the longer term.

Hedera Hashgraph developer activity is rising

The other potential catalyst for the HBAR price is that the network is seeing more interest from developers. As shown below, it has had over 100 monthly developers in the past few months, a big increase from less than 50 in 2023.

These developers are also making more commits, a sign that the ecosystem will continue doing well. The total value locked (TVL) in the Hedera ecosystem has jumped to almost $180 million, higher from below $25 million in 2023.

HBAR ETF odds are high

Further, the strong Hedera Hashgraph surge may happen as the odds that the Securities and Exchange Commission (SEC) will approve a spot HBAR ETF rise.

As we covered in October last year, Canary filed for a spot ETF. The fund will track the performance of the Hedera Hashgraph token.

If this ETF is approved, it will be a major win for Hedera Hashgraph. Analysts believe that the SEC, under Paul Atkins, will be more willing to approve crypto ETFs than Gary Gensler.

If this happens, and because the SEC has not labeled Hedera as a security, the odds are that the HBAR ETF will be approved.