- Hyperliquid token price has surged from $20 to $65 in the past few months.
- The HYPE coin has formed a multi-month cup-and-handle pattern.
- The recently launched HYPE ETFs have gained over $109 million in inflows.
Hyperliquid has slowly become one of the most consequential players in the crypto industry, and its HYPE token is reaping the benefits. HYPE has jumped from the year-to-date low of $20 to $65 today. It has formed a multi-month cup-and-handle pattern, pointing to an eventual surge, possibly to $100.
Hyperliquid is Seeing More Volume Ahead of SpaceX and OpenAI IPOs
Third-party data shows that Hyperliquid has become one of the most important players in the crypto industry this year. For one, its 30-day trading volume has jumped to over $188 billion, higher than the combined trading volume of the next 10 perpetual futures exchanges.
The volume has surged this year as the network has moved to fill the gap created by traditional markets. For one, it has become a popular platform for trading crude oil futures during the US-Iran war. And most recently, it has begun offering pre-IPO trading for top companies, including SpaceX and OpenAI.
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Traditional companies are taking note. In a statement this week, CME a major player in the US financial services industry, has announced the launch of Ethereum and Bitcoin futures contracts on a 24-7 basis.
This growth has made Hyperliquid highly profitable, with its fees surging to over $900 million in the last 12 months. This benefits the HYPE token because the company repurchases tokens with the fees. It also burns most of its fees.
American investors are taking notice as the recently launched HYPE ETFs have continued to accumulate assets. They have now had over $109 million in inflows and have never recorded a day of outflows. Most notably, Grayscale is expected to launch its HYPE ETF and is seeking over $115 million in pre-seed investment.
HYPE Price Has Formed a Multi-Month Cup and Handle
The daily chart reveals that the HYPE crypto token has soared in the past few weeks. It has already jumped from a low of $20 to the current $65. Along the way, it has formed a large cup-and-handle pattern, a common continuation sign.
The coin sits along the upper side of the cup. It has also moved above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls remain in control.
The distance between the upper and lower sides of the cup is 67%. Measuring the same distance from the upper side of the cup gives it a target of nearly $100. Such a move will mean that it has jumped by over 300% from its lowest point this year.
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