As Hedera crosses this milestone, will sentiments around HBAR shift

– Hedera will be upgrading its mainnet to version 0.36.

– HBAR’s weekly chart was green, but weighted sentiments declined sharply. 

Hedera [HBAR] recently successfully completed 7 billion transactions on its mainnet, which is a laudable number. This milestone was achieved in just under three weeks since it completed 6 billion transactions, suggesting considerable improvement in network usage. 

#Hedera: 7 BILLION transactions –

and counting. #HelloFuture pic.twitter.com/adzNB63HRS

— Hedera (@hedera) April 16, 2023

Read Hedera’s [HBAR] Price Prediction 2023-24

New mainnet upgrade around the corner

Apart from this, another promising development was that Hedera will be upgrading its mainnet to v0.36. 

Scheduled (Apr 20, 2023, 17:00 UTC): Hedera will be upgrading Hedera mainnet to v0.36.x on Thursday, April 20th 2023 at 17:00 UTC. The upgrade will take approximately 60 minutes to complete, users should expect some disruption to netw… https://t.co/66qHKvVczJ

— Hedera Status (@hashgraph) April 13, 2023

The upgrade is scheduled to be released on 20 April, and will take approximately 60 minutes to complete. Hence, users should expect some disruption to the network.

Thanks to the upcoming upgrade, a key metric for Hedera responded positively. Santiment’s chart revealed that Hedera’s development activity increased over the last week, which in general looked optimistic for the blockchain. 

Source: Santiment

Hedera’s network value is declining 

Despite these positives, it was surprising to see that Hedera’s network value gained declining momentum. As per DeFiLlama’s chart, HBAR’s TVL has been decreasing since the beginning of April.

Nonetheless, it registered an increase on 13 April, but it was still low compared to the beginning of this month. Can the new achievement and planned network upgrade help in any way to increase the network’s declining TVL and further boost network usage?

Source: DeFiLlama

HBAR has been performing well

A lot of the aforementioned possibilities depend on HBAR‘s price, as it can help attract new users as green charts catch the eyes of many. HBAR’s price has increased by more than 4% in the last seven days, which is good news. As per CoinMarketCap, at the time of writing, HBAR was trading at $0.06807 with a market capitalization of over $2.1 billion.

The market is still dubious about HBAR

Though the price action supported the interests of the investors, the crypto market at large was not confident in the token. This was evident from a look at HBAR’s weighted sentiments, which declined over the last few days.

As per LunarCrush’s data, bullish sentiment around HBAR also went down by 10% in the last week.

Moreover, Hedera will be unlocking over 2.5% of its locked tokens in 44 days, which can cause a short-term decline in the token’s price. Despite the negative sentiment, the derivatives market showed interest in HBAR, as its Binance funding rate was up. 

Source: Santiment

Market indicators are slightly bullish

Things might favor HBAR in the near term, as a few of the market indicators supported the possibility of a continued surge.

Realistic or not, here’s HBAR market cap in BTC’s terms

For instance, the MACD’s data revealed that the bulls were leading the market. HBAR’s Chaikin Money Flow (CMF) was above the neutral zone, which was also something in the buyers’ favor.

However, the Relative Strength Index (RSI) registered a slight downtick and was headed towards the neutral mark of 50, which was bearish.

Source: TradingView