Sui-Based Haedal (HAEDAL) Breaks Out With $100M Volume on Binance Listing Buzz

Key Takeaways

• HAEDAL’s price surged from $0.13 to $0.20 after Binance announced support for the altcoin.
• Trading volume doubled after the news, signaling strong market interest and buying pressure.
• In the coming days, sustained momentum could push HAEDAL’s price in the $0.31 direction.

HAEDAL, the native token of the Sui-based liquid-staking platform Haedal Protocol, spiked 50% today after Binance said it would list the coin.

The HAEDAL Binance listing announcement drove the altcoin’s price from $0.13 to $0.20 in hours.

However, the price is not the only metric surging following the news. On-chain data shows that HAEDAL’s trading volume also spiked. Here is what that could mean for the altcoin in the near term.

HAEDAL Volume Spikes on Binance News

Haedal’s trading volume was less than $50 million earlier in the week. But after the Binance listing news, Santiment data shows that the cryptocurrency’s volume broke the $100 million.

According to the announcement, trading for HAEDAL will go live by 3 PM UTC today alongside the USDT, USDC, BNB, FDUSD, and TRY pairs.

This was the first time the volume had hit that level since May 13, indicating that the exchange listing drove buying pressure for the Sui-based token. From a trading perspective, rising price plus volume indicates strength to the upside.

Assuming the volume dropped alongside HAEDAL’s price increase, this would have indicated weakness. However, since it is the former, the cryptocurrency’s value is likely to experience a higher value in the short term.

Momentum Becomes Bullish

In addition to the listing, Binance revealed that some BNB holders will receive a HAEDAL airdrop, adding more hype to the token’s debut. This announcement might increase demand for the cryptocurrency, which could contribute to the HAEDAL price increase.

Amid the development, the 4-hour chart shows a bullish crossover on the Moving Average Convergence Divergence (MACD). A bullish crossover occurs when the shorter Exponential Moving Average (EMA) climbs above the longer one.

The 12 EMA (blue) has crossed above the 26 EMA (orange). If this trend continues, the price could trade higher than it has following this HAEDAL Binance listing.

HAEDAL Price Prediction: Higher Highs

Another look at the 4-hour HAEDAL/USDT chart shows that the Money Flow Index (MFI) reading has risen to 63.63. The rise in the MFI indicator suggests increasing buying pressure.

If sustained, HAEDAL’s price could breeze past the upper-level resistance. In addition, the Awesome Oscillator (AO) has jumped to the positive region.

This change in the AO trend indicates bullish momentum. As long as bulls maintain this trend amid the HAEDAL Binance listing, the price might rise to $0.31 at the 0.618 golden ratio.

If validated, the cryptocurrency’s value might climb toward $0.46 in the mid-term. However, if the recent development eventually triggers selling pressure, the altcoin’s value might drop below $0.15.