HBAR Price May Soar to $2.50 as Hedera Hashgraph’s Bullish Flag Pattern Signals Surge May Be Coming

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

The price of Hedera Hashgraph (CRYPTO: HBAR) has surged in recent months, and both the technicals and fundamentals suggest that the coin is poised for further gains.

Here's a closer look at the factors that could lead to HBAR soaring from the current price of $0.32 to $2.50.

Technicals hint at a surge to $2.50

One of the primary reasons to expect a surge in the price of HBAR to $2.5 is the highly bullish chart pattern.

The daily chart shows that the coin has formed a bullish flag chart pattern, which is likely to lead to a breakout to the upside.

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, Hedera’s 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 is set to jump to $2.5 in the longer term.

Strong developer activity bodes well

Another catalyst for HBAR is the rising interest in the network from developers.

As highlighted below, the network has attracted over 100 monthly developers in recent months, which is a substantial increase from less than 50 in 2023.

Moreover, these developers are making more commits, which shows that the ecosystem is bound to continue performing well.

The total value locked (TVL) in the Hedera ecosystem has also surged to nearly $180 million, up from below $25 million in 2023.

High odds of a HBAR ETF approval

Finally, a Hedera Hashgraph surge could be driven by the increasing likelihood of the Securities and Exchange Commission (SEC) approving a spot HBAR exchange-traded fund (ETF).

Canary filed for a spot ETF in October last year. Several analysts now anticipate that the SEC, under Paul Atkins, will be more open to approving crypto ETFs compared to Gary Gensler.

If this materializes, and considering that the SEC has not classified Hedera as a security, it is highly likely that the ETF will be approved.