HYPE price rebounded sharply over the weekend, becoming one of the most active venues for trading oil and gold as the broader market remained closed due to the crisis in the Middle East. Hyperliquid token was trading at $31.50 on Monday, its highest level since February 9, up by 55% from its lowest level this year.
Hyperliquid Perpetual Futures Volume Jumps
The HYPE token price jumped as its fundamentals improved. For one, with the mainstream markets closed on weekends, it was one of the few platforms that allowed traders to trade during the crisis in the Middle East.
Data show that volume handled by Hyperliquid jumped to over $6.4 billion on Sunday, much higher than the $5.4 billion it handled the day before. The network handled over $201 billion in February, far higher than its top peers, such as Lighter and Aster.
Most of this volume and open interest this weekend stemmed from soaring demand for crude oil and gold assets, which rose as the crisis in the Middle East escalated.
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Hyperliquid’s network fees continued rising, reaching nearly $70 million in February. This increase was notable as February had three fewer days than January, and the crypto market crash accelerated during the month, with Bitcoin price falling to $60,000.
Hyperliquid has overtaken other similar perpetual futures networks that were gaining market share recently. Data shows that Aster handled over $113 million in February, while edgeX handled over $103 million. This means that Hyperliquid is handling a higher volume than the two closest companies combined.
The market share gain is important because Hyperliquid uses its fees to burn and buy back its tokens. These buybacks and burns help to make it deflationary.
HYPE Price Prediction: Technical Analysis
The HYPE token has rebounded in the past few months, moving from a low of $20 in January to the current $31.50. This rebound occurred after a falling wedge pattern formed, a popular bullish reversal pattern in technical analysis.
The coin also formed a bullish flag pattern, a common continuation sign. It has moved above the Supertrend indicator, a sign that bulls are in control. Also, it has moved above the 50-day Exponential Moving Average (EMA).
Therefore, the token will likely continue rising as bulls target the key $38 resistance level, its highest level this year. A move above that level will signal further gains, potentially to the psychological $50 level.
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