Hyperliquid (HYPE) Eyes $50 Target as Commodities Trading Boom Drives 58% Three-Day Rally
Despite a general downturn in the cryptocurrency market, Hyperliquid's native token, HYPE, is showing impressive strength. It is currently
Quick overview
- Hyperliquid's native token, HYPE, has surged 58% to $32.90, reaching an eight-week high amid a general cryptocurrency market downturn.
- Record trading volume on Hyperliquid's HIP-3 decentralized exchanges has contributed to this price increase, with daily trading hitting $1.78 billion.
- The derivatives market for HYPE shows strong bullish sentiment, with open interest rising 48.7% to $1.82 billion over 72 hours.
- Technically, HYPE has broken out of a falling wedge pattern, with a projected upside target of $49.80, contingent on overcoming the $35.50 resistance level.
Despite a general downturn in the cryptocurrency market, Hyperliquid’s native token, HYPE, is showing impressive strength. It is currently trading at $32.90 after rising 58% over the course of three days to hit an eight-week high of $34.50. The rally comes as commodity trading on the platform’s HIP-3 decentralized exchanges has grown rapidly, making Hyperliquid the most liquid cryptocurrency price discovery arena in the world.
Record Trading Volume Fuels Token Momentum
The extraordinary activity on Hyperliquid’s HIP-3 DEXs, which saw milestone metrics this week, is directly related to the spike in HYPE’s price. While daily trading volume reached a record $1.78 billion on Wednesday, open interest across these exchanges surged to a new all-time high of $935 million, indicating rapidly growing platform use.
With over $1.25 billion in 24-hour activity on Monday alone, silver perpetual futures became the breakout star and the third most traded asset on Hyperliquid, after Ethereum and Bitcoin. As precious metals continue their historic bull run, with gold surpassing $5,000 and silver reaching an all-time high of $117 per ounce, commodities trading is exploding.
According to CEO Jeff Yan, “Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” highlighting the platform’s superiority in trading perpetuals for both traditional financial assets and cryptocurrency.
HYPE Derivatives Market Signals Strong Conviction
The derivatives market data from HYPE shows a strong positive stance. Over the course of 72 hours, futures open interest increased 48.7% to $1.82 billion, while liquidations came to $34 million, of which $32.2 million represented crushed short holdings. This uneven liquidation profile shows that the strength of the rise caught bears off guard.
A classic bullish indicator is when open interest and price action both rise at the same time. This indicates that real new capital is entering the market rather than just shifting positions. During an uptrend, rising OI usually improves liquidity and encourages further price growth.
HYPE/USD Technical Breakout Confirms Bullish Reversal
Technically speaking, HYPE has successfully broken out of a multi-month falling wedge pattern, which is a typical bullish reversal setup. Near $25, the token broke above the 50-day simple moving average and the upper trendline of the wedge, creating a strong support confluence that has withstood several retests.
The breakout was accompanied by a 73% increase in trading volume over the course of a day, confirming the legitimacy of the move. While the Relative Strength Index (RSI) has pushed into overbought territory at 72–83 depending on the timeframe, indicating both possible near-term consolidation and high momentum, the moving averages are convergent toward a bullish crossover.
An upside objective of about $49.80, or a 45% gain from current levels, is projected by the pattern’s measured move. This is consistent with Whale Factor’s independent technical research, which points to the $50 zone as a crucial Fibonacci resistance level after the multi-month downtrend break.
Hyperliquid Price Prediction: Path to $50 with Key Resistance at $35.50
The $35.50 resistance level, the prior breakdown point that is currently serving as an overhead supply, presents the HYPE bulls with their immediate battle. Over the next several weeks, a clear path toward the $44–$50 target zone would be made possible by a decisive closing over this mark.
Traders should take heed, though, as the high RSI readings imply that a slight pullback or consolidation may occur before to the subsequent run higher. With stronger support at the breakout zone close to $25, where the 50-day moving average is located, key support is currently located at the $31.31 level (23.6% Fibonacci retracement).
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