Hyperliquid [HYPE] managed to surpass the $20 threshold just a few hours prior to the current time. It saw a 24.4% surge in value over the past 24 hours, accompanied by a 7.26% rise in trading volume during the same timeframe. This uptick in volume and the optimistic price movement indicated a boost in bullish sentiment.
Moreover, Hyperliquid’s platform has been showing strong performance. The total trading volume for perpetual contracts recently exceeded the $500 billion mark. Notably, this leading on-chain perpetuals trading platform saw an average daily trading volume surpassing $5 billion over the previous week.
An intriguing development on Hyperliquid was the dominance of Ethereum’s [ETH] perp volume over that of Bitcoin’s [BTC]. Data from Hyperliquid indicated that out of the total Open Interest worth $3.48 billion, $879.7 million originated from ETH, while $588 million came from BTC.
Anticipated Rise of HYPE to $28 in the Near Future
The recent airdrop success, combined with a well-received product in the market, has propelled HYPE prices higher. The substantial trading volume also signifies the platform’s popularity and its potential for further expansion in the upcoming months.
As of the time of this report, the market sentiment on the 4-hour chart remained decidedly bullish. The short-term surge from $15.6 to $18.75 was used to determine the Fibonacci extension levels, as the price had subsequently touched the 50%-level.
The 23.6% extension level at $19.48 briefly acted as resistance. The MACD displayed significant bullish momentum, with the moving averages struggling to keep up with the price movement. Projected bullish targets include $21.84, $24.93, and $28.
HYPE serves a crucial role in staking and ensuring the platform’s HyperBFT (Byzantine Fault Tolerant) consensus mechanism, theoretically capable of handling 2 million transactions per second. Additionally, it functions as a gas token.
Therefore, as the platform gains traction among traders, the demand for HYPE is expected to rise in tandem.
Disclaimer: The opinions expressed herein do not constitute financial, investment, trading, or any other form of advice and are solely the views of the author