Hyperliquid [HYPE] crossed the $20 threshold just hours before the latest update. It witnessed a notable increase of 24.4% in the past 24 hours, accompanied by a 7.26% rise in trading volume during the same timeframe. This surge in trading activity and positive price movement indicated strong bullish momentum.
Additionally, Hyperliquid’s platform performance has been remarkable. The total trading volume for perpetual contracts recently exceeded $500 billion. Notably, this leading on-chain perpetual trading platform recorded an average daily trading volume of over $5 billion in the last week.
One noteworthy aspect on Hyperliquid was the dominance of Ethereum’s [ETH] perpetual volume over Bitcoin’s [BTC]. Data from Hyperliquid revealed that out of its total Open Interest of $3.48 billion, $879.7 million originated from ETH, while $588 million came from BTC.
Expected Growth to Propel HYPE to $28
The recent success of an airdrop and the appeal of its product in the market have fueled a surge in HYPE prices. The growing trading volume on the platform further underscores its popularity and potential for future expansion.
As of the latest update, the 4-hour chart depicted a strongly bullish market structure. The price surge from $15.6 to $18.75 was used to identify Fibonacci extension levels, given that the price had previously tested the 50%-level.
Resistance was briefly encountered at the 23.6% extension level of $19.48. The MACD indicated significant bullish momentum, with the moving averages lagging behind the price action. The next anticipated bullish targets are identified at $21.84, $24.93, and $28.
HYPE serves a vital role in staking and securing Hyperliquid’s platform through its HyperBFT (Byzantine Fault Tolerant) consensus mechanism, with a theoretical throughput of 2 million transactions per second. Furthermore, it operates as a gas token.
Therefore, the demand for HYPE is poised to rise alongside the platform’s increasing adoption among traders.
Disclaimer: The views expressed above are solely the author’s opinion and do not constitute financial, investment, trading, or any other form of advice.