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The Hedera price surged 3% in the last 24 hours to trade at $0.2039 as of 4:52 a.m. EST on trading volume that skyrocketed 11% to $588 million.
This uptick in the HBAR price comes after the US Securities and Exchange Commission (SEC) acknowledged Grayscale’s proposal to list its Hedera ETF (exchange-traded funds) on Nasdaq.
The SEC’s confirmation of the proposal has fueled speculation that the development could drive increased demand for Hedera’s native token, HBAR, potentially triggering a price surge.
💥BREAKING:
SEC ACKNOWLEDGES FILING FOR GRAYSCALE’S HBAR HEDERA HASHGRAPH ETF
HUGE FOR $HBAR pic.twitter.com/5Q2NO9EUfQ
— DustyBC Crypto (@TheDustyBC) March 11, 2025
Hedera Price Analysis: Consolidation Before A Major Move?
The HBAR price experienced a strong bullish rally in late 2024, followed by a period of consolidation within a descending channel.
After reaching a peak above $0.35, the price gradually declined while forming lower highs and lower lows, a typical sign of a corrective phase, according to GeckoTerminal data.
Currently, the Hedera price is approaching the lower boundary of the descending channel, near $0.17, which aligns with the 200-day Simple Moving Average (SMA).
This support level is critical as it has previously acted as a launch point for upward momentum. A bounce from this area could indicate a potential trend reversal.
The 50-day SMA is currently at $0.2445, serving as the nearest resistance level.
Meanwhile, the Relative Strength Index (RSI) is at 43.33, indicating that the market is neither overbought nor oversold.
If the RSI moves closer to 30, it could indicate oversold conditions, increasing the likelihood of a price bounce.
HBAR Price Prediction
If the HBAR price holds support near $0.17, there could be a retest of the $0.24 resistance (50-day SMA). A breakout above this level would likely push the price toward $0.30 – $0.35 in the medium term.
On the downside, if the $0.17 support fails, HBAR’s next potential support zone is around $0.15, which could lead to further consolidation before any bullish recovery.
Meanwhile, investors are buying into a new layer-2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 725K subscribers, Solaxy has the potential to soar 100X post-launch.
Solaxy Nears $26 Million In Presale – Best Crypto To Buy Now?
For investors who appreciate Solana’s network security but hope for better efficiency, Solaxy might just be the ideal crypto. This new project takes a new dimension by being Solana’s first-ever layer-2 blockchain.
Solana has struggled in the past, mainly due to the frenzy fueled by a wave of Trump-themed meme coins like TRUMP and MELANIA that were launched after the US presidential election, and led to serious network congestion on the Solana network.
With Solana struggling to keep up during peak network activity, investors are betting big on Solaxy.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Solaxy takes a new approach to solving Solana’s congestion problems. This layer-2 solution eases network traffic by handling transactions off the main blockchain, creating a faster processing system for Solana.
Transactions go through its platform separately, then get bundled together before being sent back to the Solana network for final verification. By doing this, Solaxy reduces the strain on Solana’s mainnet.
This process lowers fees and speeds up transactions, especially during high-traffic periods when Solana usually faces delays.
Another massive utility of Solaxy is that it offers the best of both Ethereum and Solana. SOLX merges the benefits of Ethereum’s liquidity and growing decentralized finance ecosystem with Solana’s efficiency and speed, thereby connecting the two most prominent crypto ecosystems in the Web3 space.
The project’s staking program also offers token holders a huge 157% APY.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00166 each using BNB, ETH, USDT, or a bank card. Buy before a price hike in less than 6 hours to secure the best deal.
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Best Wallet - Diversify Your Crypto Portfolio
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