Snoop Dogg's Tune.FM Partnership Drives HBAR Token Surge
1min read Hedera's hbar token has surged by 26.7% in the past day, pushing past a crucial $0.20 resistance level and trading near $0.23. This significant price increase has been driven by a partnership between Snoop Dogg and Tune.FM, a decentralized music streaming platform built on Hedera. The collaboration has boosted confidence in the Hedera network's ecosystem, with Tune.FM's native token, JAM, rising by 222% following the announcement.
Market participants are optimistic about HBAR's future prospects. Technical analysts forecast a potential rally toward $0.40 by early March, as the token's chart pattern suggests further upside potential. The market response to HBAR's price action has been overwhelmingly positive, with trading volume spiking by 55% in the past day. On-chain data reveals a net positive flow of approximately $7.68 million in the past day, indicating increased investor participation.
Trading activities in the derivatives market are also increasing, with trading volume surging by 54.73% to $555.99 million and open interest increasing by 29.84% to $183.67 million. The Binance HBAR/USDT Long/Short Ratio stands at 1.3438, while OKX HBAR Long/Short Ratio is 1.3, indicating a bullish bias among traders. However, liquidation data reflects heightened volatility, with a total of $1.21 million liquidated over the past 24 hours.
Snoop Dogg's exclusive release of music on Tune.FM has put the spotlight on blockchain-based music streaming, claiming to offer 100x higher revenue for artists than traditional platforms. As Hedera is at the center of this initiative, HBAR's recent price surge could be partially driven by increased adoption interest. If HBAR maintains support above $0.20, market participants expect a potential rally toward $0.25 by early March, with some commentators suggesting $0.40 could be in the works. Conversely, failure to hold this level could lead to a retest of lower supports around $0.195 before another attempt at a breakout.
