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Sui
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Key Highlights:
- HBAR jumps 13.9%, surpassing Chainlink with a $10.2B market cap
- SWIFT to integrate Hedera tech, boosting institutional confidence
- Hedera breaks resistance, signaling potential 41.81% upside move
Hedera (HBAR) is making waves in the crypto market, surging 13.9% in 24 hours to surpass Chainlink (LINK) with a $10.2 billion market cap. The rally is driven by SWIFT’s expanding partnership with Hedera and speculation about an HBAR ETF in the U.S. Meanwhile, technical indicators suggest further upside potential as HBAR clears key resistance levels.
Hedera (HBAR) Surges 13.9%, Overtaking ChainLink in Market Cap Ranking
The HBAR token of Hedera has surged 13.9% in the last 24 hours, which elevated its market capitalization to $10.2 billion while surpassing Chainlink (LINK) in the rankings. According to Coinmarketcap data, HBAR has risen to become the 11th largest cryptocurrency by market capitalization.
The market rally seems to stem from SWIFT and Hedera’s reported partnership expansion, as investors speculate about an upcoming HBAR ETF launch in the United States. This market development has boosted investor trust, which resulted in a significant increase in trading activity, with volume rising by 59% in the last day.
Meanwhile, LINK rose 0.36% to $14.84, maintaining its position at 12th place despite being overtaken by HBAR. Meanwhile, Stellar (XLM) climbed 6.15% to $0.3040, pushing its market cap to $9.3 billion, while Sui (SUI) saw a 0.04% increase, trading at $2.83 with a total market value of $8.98 billion.
The rising prices of Hedera alongside other mid-tier assets demonstrate increasing institutional demand for projects with institutional backing. The continued momentum could strengthen its position in the rankings while discussions about an ETF for the cryptocurrency gain momentum in the U.S. market.
SWIFT to Integrate Hedera’s Technology for Global Financial Transactions
SWIFT has declared its plan to implement Hedera Hashgraph’s (HBAR) technology across three continents through its financial messaging network, which represents a significant advancement in institutional blockchain adoption.
Hedera’s announcement about its expanding global banking position has caused HBAR’s price to explode, while its market capitalization exceeded $10.2 billion to surpass Chainlink.
According to Dylan Brady, CEO of Tosho.io, SWIFT plans to conduct live trials implementing Hedera’s technology throughout North America, Europe and Asia during this year. The trials will use actual banking institutions to process transactions, which will test Hedera’s capabilities for managing extensive financial messaging operations. SWIFT plans to expand Hedera’s technology deployment across its network by 2025 as part of its institutional commitment to distributed ledger technology (DLT).
SWIFT validated Hedera after its successful behind-the-scenes testing, which elevated the technology from Technology Readiness Level (TRL) 7 to TRL 9 thus proving its readiness for enterprise-level financial operations.
Furthermore, SWIFT’s endorsement of its blockchain technology represents a major institutional milestone because the organization handles $150 trillion in annual transactions and $400 billion in daily transactions.
The market sentiment has also increased due to news about a potential HBAR ETF in the United States.
Hedera (HBAR) Breaks Key Resistance, What’s the Next Target?
Looking at price, the technical analysis from Crypto Charts indicates HBAR has surpassed multiple resistance points, which suggests a possible stable market recovery during the next few days.
The prolonged downtrend breakout indicates growing bullish momentum, which could drive prices higher.
The analysis also displays a descending wedge pattern, which serves as a traditional technical indicator that signals upcoming upward price movements.
The token spent multiple months trading within this pattern while experiencing continuous price declines. However, recent market movements demonstrate that Hedera successfully penetrated the upper trendline, which suggests the bearish trend may be nearing its conclusion.
According to Crypto Charts, HBAR could rise by 41.81% to reach a new price of $0.0779 after breaking through its current level. The current price targets match previous resistance points, which now function as essential price targets.
Moreover, the volume profile data indicates rising market participation, thus supporting the argument for an enduring market recovery.
The positive market sentiment toward Hedera has increased after its SWIFT collaboration announcement, while technical indicators show promising conditions for price recovery. The continued buying pressure will determine whether HBAR establishes a bullish reversal pattern, which will be decisive for its future price movement during the next few trading sessions.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
