HBAR’s open interest rose 47% to nearly 1.2 billion tokens, reaching a one-year high after the Sept. 28 rally. Social activity increased sharply as HBAR surged, with volume reaching about 4.8
HBAR surged 27% on Sept. 28 as open interest climbed to a one-year high, five days after IBM-related news. Santiment Intelligence reported that the rally followed a sharp increase in leverage and social activity, rather than an immediate market response. Meanwhile, analysts Crypto Patel and Doctor Profit offered differing views on the breakout and its potential continuation.
The Hashgraph Group announced its IDTrust listing on the IBM Cloud Catalog on Sept. 23. However, HBAR closed down approximately 9% that day and remained more than 3% below its Sept. 22 close by Sept. 27.
The token’s strongest move came on Sept. 28, when its price increased 27%. Santiment reported that coin-denominated open interest rose 47% to nearly 1.2 billion HBAR, reaching a one-year high.
The increase added approximately 385 million HBAR to open interest, nearly three times any other single-day increase that year. Measured in dollars, the increase reached roughly 87%, although Santiment attributed the difference to HBAR’s price appreciation.
Social volume also rose sharply, reaching approximately 4.8 times its average weekday level from Sept. 1 to 25. On the IBM announcement date, social volume had reached only around 1.4 times that average.
Crypto Patel reported that Hedera (HBAR) had gained 105% from an accumulation zone between $0.06 and $0.07. The analyst identified 0.07–0.09 as a pending reaccumulation zone.
https://twitter.com/CryptoPatel/status/2104881373605749239?s=20Patel outlined macro targets at $0.15, $0.33, $0.50 and $1. The analyst said a sustained break above the descending trendline could support further price expansion.
Doctor Profit, however, closed an HBAR position with a small profit. The analyst described the breakout as a possible fake-out and cited risks associated with Bitcoin potentially approaching $79,000.
https://twitter.com/DrProfitCrypto/status/2104977138906800585?s=20HBAR traded near $0.106 after retreating from approximately 0.126–0.127. The token had climbed from 0.072–0.075 earlier in September, breaking above $0.080, $0.088 and $0.096. Its 50-day moving average stood near $0.099, while the 200-day average was around $0.083.
Source: Santiment
Trading above both averages, HBAR faced resistance at 0.119–0.127, with support around $0.100, followed by $0.096 and $0.088. Volume reached approximately 453.58 million HBAR during the latest chart reading.
