Hyperliquid price retreated today, May 23, as the crypto market crash happened amid US-Iran tensions. It also retreated as investors booked profits after the recent rally that pushed it to a record high. Still, the ongoing activity on its platform, staking inflows, and HYPE ETF surge may lead to more gains.
HYPE ETF Inflows, Network Growth, Staking Inflows as Catalysts
The Hyperliquid token price has some notable catalysts that may drive it higher in the coming months. First, there are signs that there is demand for the two HYPE ETFs as they have added $74.5 million in inflows.
21Shares’ THYP has $48.8 million in assets, while Bitwise’s BHYP has over $40.4 million. They collectively have $89 million in assets, which is equivalent to 0.68% of its market capitalization.
Another sign of accumulation is that investors have continued to stake their HYPE tokens. Over 431.5 million tokens worth $23 billion has been staked, a figure that continues to grow, with investors receiving over 2.2% returns annually.
Meanwhile, Hyperliquid maintains the biggest market share in the perpetual futures industry. It handled over $178 billion in the last 30 days, better than the next ten, combined.
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Its open interest in the last 24 hours jumped to nearly $10 billion, with the most popular assets being WTI and Brent crude oil, S&P 500, silver, NVIDIA, Micron, and Sandisk. This growth will likely continue as more users embrace the network because they can trade for low costs and on a 24-hour basis.
This growth has led to substantial fees this year. It made over $850 million in the last 12 months, with most of the fees being used to burn the HYPE tokens.
Hyperliquid Token Price Technical Analysis
HYPE price chart | Source: TradingView
The daily chart shows that the HYPE price has jumped sharply in the past few months, in line with our past predictions. A closer look at this chart shows that it has more upside to go as it has formed a multi-month cup-and-handle pattern.
This cup has a depth of 65%. Measuring the same distance from the upper side gives it a target of $98, which will raise the possibility of it hitting the key resistance level at $100.
Backing the bullish HYPE forecast is the fact that it formed a golden cross pattern on March 19 as the 50-day and 200-day moving averages crossed each other. This pattern normally leads to more gains over time.
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