- HYPE price continued its recovery on Tuesday.
- Arthur Hayes believes the coin may soar to $150.
- His view is that the network will continue having high volume and fees.
HYPE price is rising today, March 10, thanks to rising volume on Hyperliquid and a highly bullish prediction from Arthur Hayes, the founder of BitMEX. Hyperliquid token was trading at $34 on Tuesday, up substantially from the year-to-date low of $20.
HYPE Price Has Major Catalysts
Hyperliquid token is rising as a third-party data point to increased usage and market share for its platform.
DeFi Llama data show that Hyperliquid’s open interest jumped to over $6 billion in the last 24 hours, surpassing the combined open interest of Aster, edgrX, Lighter, Grvt, and ApeX Protocol.
Similarly, the volume has jumped to over $42 billion in the last 7 days and $164 billion in the last 30 days. Its volume was substantially higher than that of other companies, such as Lighter and Aster.
The rising volume is partly because Hyperliquid is one of the only platforms that has helped people trade products like oil and gold during the weekend as the war in Iran continued.
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At the same time, the volume has led to substantial fees in the network. For example, while crypto prices dropped in February, its network fees stood at $69 million, a few points below January’s $76 million.
This revenue will continue to rise as the network introduces prediction markets and other tools. Most of this revenue is used to buy back and burn the HYPE token.
Hyperliquid token also jumped after Arthur Hayes hinted that the coin could reach $150 this cycle. Such a move would point to a 328% surge from the current level. He wrote:
“If the market believes that $HYPE can continue syphoning volumes away from CEXs and add new features to accelerate revenue growth, then $HYPE can pump in absolute terms.”
Hyperliquid Price Technical Analysis
The daily chart reveals that the HYPE price has rebounded after bottoming at $25.60 in February. It has moved above the 50-day Exponential Moving Average (EMA).
Hyperliquid token has moved above the Supertrend indicator, a sign that bulls are in control for now. It also moved above the falling wedge, a popular bullish reversal sign in technical analysis.
The Relative Strength Index (RSI) has continued to rise and is now above 60. Also, the two lines of the Percentage Price Oscillator (PPO) have remained above zero.
Therefore, the Hyperliquid price will likely continue rising as bulls target the key $38.50 resistance level. A move above that price will point to a surge to $50.
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