- HYPE price has jumped in the past few days.
- Hyperliquid’s volume has continued rising this month.
- The network is handling more volume than its biggest competitors, combined.
HYPE price rose and approached a crucial resistance level as Hyperliquid network growth gained steam despite ongoing consolidation in the crypto industry. The token jumped to $40.2 on Wednesday morning, close to the year-to-date high of $43.
Hyperliquid Volume is Gaining Steam
The HYPE token has soared over the past few months, rising from its year-to-date low of $20 in January to $40 today. This rebound happened even as Bitcoin remained in a narrow range at $70,000 and the crypto market remained on edge.
Third-party data shows that Hyperliquid Network’s volume has jumped over the past few months, driven by its oil perpetual futures, which allow people to trade crude oil using leverage, especially on weekends.
Hyperliquid has processed transactions totaling over $208 billion in the last 30 days, far more than other large players in the industry, such as Aster, TradeXYZ, edgeX, and Lighter. Lighter’s transactions over the last 30 days totaled over $64 billion, while Aster, which Changpeng Zhao backs, is valued at over $82 billion.
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The soaring volume on Hyperliquid means that the network is making more money, leading to more token burns and buybacks. This is important as the network uses most of its fees to buy back and burn its tokens. It has generated over $53 million in fees this month.
Hyperliquid network is expected to gain substantial market share in the prediction market upon the launch of Outcome, a top platform for predicting future events. This is happening at a time when demand for these solutions is growing globally, with Polymarket and Kalshi handling billions of dollars in annual volume.
HYPE’s price has also jumped amid hopes that it will attract more institutional investors in the US after companies like 21Shares and Bitwise applied to the Securities and Exchange Commission (SEC) for a spot HYPE ETF.
HYPE Price Prediction: Technical Analysis
The daily timeframe chart shows that the HYPE price has rebounded from a low of $20.5 in January to its current level of $40. It has recently jumped above the key resistance level at $38.50, its highest point in February. Moving above that level was notable as it confirmed the bullish outlook.
The HYPE token has remained above its 50-day and 100-day Exponential Moving Averages (EMAs). It also remains above the Supertrend indicator, a sign that bulls remain in control.
Therefore, the token will likely continue rising as bulls target the next important level at $50, which is about 25% above the current level. A drop below the key support level at $35 will invalidate the bullish outlook.
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