Hedera's native cryptocurrency, HBAR, has been riding a wave of bullish momentum, achieving a new all-time high earlier this month. This surge was initially driven by a significant increase in spot demand, which peaked at $48.22 million on December 2nd. However, recent data indicates that this demand is cooling off, leading to a potential build-up of sell pressure. The Hedera network's on-chain statistics reveal a decline in volume and total value locked (TVL) since their peaks on December 3rd, suggesting that the bullish momentum may be slowing down.
Despite the cooling demand, HBAR has managed to maintain its upward trajectory today, reflecting a 2.88% increase. This resilience could be attributed to the positive funding rates in the derivatives market, indicating that demand still outweighs potential sell pressure. However, the decline in on-chain volumes and TVL might signal a cautious approach from investors, as they assess whether the recent gains can be sustained.
The current price of HBAR stands at $0.289248, with a daily high of $0.300298 and a low of $0.274840.