Hedera [HBAR] prices increase as on-chain metrics rise… Details inside

HBAR’s recent price movement represents its highest in four months.had its most significant upward swing since the cryptocurrency’s uptrend started. Its market capitalization increased by more than threefold in the last day. What else is the chain observing in terms of improvement, and what other developments could excite HBAR beyond its recent spectacular rally?According to Santiment, there was a dramatic increase in Hedera’s volume on 20 January as share prices shot up.

‘s data showed that there were over 26,000 smart contracts deployed on Hedera, in addition to transaction information. What effect has the growing number of smart contracts on the chain had on TVL?had a $39.39 Total Valued Locked . As impressive as its expansion has been, this still looked relatively modest next to the other major retail companies. Looking at the graph, it was clear that the chain was on an upward trend over the past several weeks.

This trend could accelerate once the network experienced more decentralized applications deployment.experienced a price increase of about 18% on January 20. It had reached its greatest peak in trading in almost five months. As of this writing, it was trading at about $0.07.The long Moving Average , which had previously acted as the resistance, has now flipped to support due to the recent price rally.The position of the Relative Strength Index line also supported its bullish trend.

Source: News Formal (newsformal.com)

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