HBAR Surges 10% Ahead of Hedera Mainnet Upgrade

The native token of Hedera Hashgraph network, HBAR, has seen a significant surge in price over the past 24 hours. The 10% increase is driven by rising demand for HBAR, with spot inflows reaching $8 million, marking a 27-day high.

This spike in trading activity can be attributed to the upcoming mainnet upgrade of Hedera's network to version 0.57, scheduled for today at 18:00 UTC. Market participants are eagerly awaiting new features, leading to increased buying activity and higher spot inflows.

According to Coinglass data, the HBAR/USD one-day chart shows a positive Elder-Ray Index, indicating stronger buying pressure than selling pressure. Historically, such inflows suggest a bullish sentiment, often leading to positive price trends.