Hedera Surges 15.39% After Integrating Chainlink’s CCIP

Hedera's latest price was $0.1688, up 15.393% in the last 24 hours. This surge in price comes as Hedera has recently integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) on its mainnet. This integration allows decentralized applications (dApps) to operate across multiple blockchains, enabling developers to transfer tokens, send messages, and initiate actions between Hedera and over 46 other blockchain networks. CCIP is powered by Chainlink’s oracle technology, which ensures secure communication between blockchains and supports major decentralized finance platforms like Aave and Lido DAO.

This development follows a partnership initiated last year when the HBAR Foundation joined Chainlink’s SCALE program. This partnership brought Chainlink’s price feeds and proof-of-reserve services to Hedera. With CCIP live, developers can now leverage full cross-chain features and new tools like the Cross-Chain Token standard. This standard allows projects to issue tokens that can move easily between chains while maintaining control of their token contracts. This integration is expected to enhance Hedera’s capabilities and attract more developers to build on its platform, potentially driving future growth and adoption.

Despite recent advancements in real-world assets and DeFi, Hedera’s total value locked has decreased from a peak of $213 million in January to $74 million as of April 9. However, the volume of stablecoins on Hedera has more than doubled this year, rising from $38 million in January to $82 million. This increase in stablecoin volume indicates a growing interest in using Hedera for stable and secure transactions, which could be a positive sign for the platform's future.

Despite a broader market downturn that has affected altcoin prices, HBAR has shown resilience in terms of investor positioning. Many traders are entering long positions on the token, reflecting growing confidence in a potential upside move. This bullish sentiment is evident in HBAR’s Long/Short ratio, which currently sits at a 30-day high. The long/short ratio measures the proportion of long positions to short positions in the market. A ratio above one, as seen with HBAR, indicates that more traders are holding long positions than short positions, signaling a bullish market sentiment.

Additionally, HBAR’s open interest has climbed, supporting this bullish outlook. Open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled for the day. When an asset’s price falls but open interest rises, it suggests that traders are still actively entering new positions, potentially anticipating a future price rebound despite the current decline. A combined reading of HBAR’s long/short ratio and rising open interest amid falling prices signals that the majority of its traders have a bullish outlook, indicating that even with price declines, HBAR traders anticipate an upward trend in the near future.