HYPE price rose for two consecutive days, reaching its highest level since January 18, as the crypto market rebounded and Hyperliquid regained its market share. Hyperliquid token was trading at $25.8, up sharply from the year-to-date low of $21.27.
Hyperliquid Has Regained its Market Share
The HYPE token jumped as third-party data showed Hyperliquid regaining market share in the perpetual trading market.
Data compiled by DeFi Llama shows that the volume traded in perpetual DEX networks has been in a downward trend in the past few months as Bitcoin and most altcoins retreated.
The data shows that Hyperliquid is the most active network in the industry after regaining market share from top competitors such as Lighter, edgeX, and Aster. Hyperliquid handled transactions worth over $166 billion in the last 30 days, higher than Lighter’s $109 billion and Aster’s $127 billion.
The same trend happened over the last 24 hours, when the network processed over $7.12 billion. Aster and Lighter handled over $3.14 billion and $4.2 billion, respectively, in the same period.
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Hyperliquid has some of the best fundamentals in the crypto industry, as it typically uses its fees to buy back and burn HYPE tokens. It has burned tokens worth billions of dollars over the past 12 months, a trend that will continue.
At the same time, the network has repurchased tokens worth over $44 million in the last 30 days and $1.70 million in the last 24 hours. Token buybacks and burns help to improve its tokenomics.
Hyperliquid is one of the most profitable networks in the crypto industry, even as its revenue and fees have dropped in the past few months. Its network fees dropped to $57 million in January from the all-time high of $143 million in August last year. Also, its revenue totaled $51 million over the last 30 days.
HYPE Price Technical Analysis
The daily timeframe chart shows that the HYPE price has rebounded in the past few days. This rebound occurred after the tokens formed a double bottom at $22.35 and a neckline at $28. A double-bottom is one of the most bullish chart patterns in technical analysis.
The Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have all pointed upwards, a sign of a bullish divergence pattern.
Therefore, the most likely scenario is that the Hyperliquid token continues to rise as bulls target the next key resistance level at $28, the neckline of the double-bottom pattern. A move above that level will point to more gains, potentially to the 100-day Exponential Moving Average at $30.
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