Hedera's (CRYPTO: HBAR) native token, HBAR, saw a nearly 16% surge in the past 24 hours, reaching $0.38, as the network's technological advancements and real-world applications spurred investor interest.
The token's price surged to its highest level in 27 days as HBAR spot inflows crossed $8 million, indicating strong institutional interest in the token. Technical indicators also painted a bullish picture, with the Elder-Ray Index turning positive for the first time in seven days, suggesting strong market buying pressure. At $0.39, the token faced immediate resistance, with strong support seen at $0.33. A breakout above the resistance could propel the token toward the $0.44 level.
On the platform front, a significant announcement saw Walltech and the World Gemological Institute jointly tokenize $3 billion of luxury assets on the Hedera network. The assets spanned diamonds, precious stones, watches, and jewelry, marking a major step in integrating traditional asset classes into the blockchain domain.
In the tokenization industry, the collaboration highlighted Hedera's growing stature as a platform of choice for enterprise-grade blockchain solutions. The network's unique hashgraph technology, boasting scalability, decentralization, and eco-friendliness, continued to garner institutional attention.
In the rapidly evolving crypto ETF landscape, Canary's early positioning in the Hedera ETF could provide a first-mover advantage, contributing to the positive momentum.
This development gained importance as the market witnessed increasing institutional involvement, particularly with the approval of Bitcoin ETFs.
Regarding HBAR's price trajectory for 2025, analysts maintained an optimistic outlook. For instance, CCN projected an average price target of $0.50 by year-end, with potential highs of up to $1.20. While highlighting that the estimate could adjust based on market conditions, Changelly's analysts placed the maximum price projection at around $1.
Several factors underpinned these bullish price predictions. Institutions appeared to be flocking to HBAR due to its strong fundamentals and promising real-world applications. The World Gemological Institute's decision to tokenize and trade its assets on the Hedera network further highlighted the platform's ability to cater to diverse industries.
Moreover, HBAR's status as a governance token played a crucial role in attracting long-term investors interested in actively participating in the network's decision-making processes.
However, despite the positive outlook, investors should note potential risks. HBAR's price could experience downward pressure if it fails to maintain support at $0.33, with the next support level seen at $0.30. Market volatility and broader cryptocurrency market conditions continue to play crucial roles in HBAR's price movement.
