Key Highlights
- HYPE has surged by 23% in the last 24 hours, now trading above $27.
- This rally follows a significant increase in commodity trading amid rising interest in safe-haven assets like gold and silver.
Hyperliquid Boosts HYPE Above $27 Amid Commodity Trading Surge
HYPE, the native cryptocurrency of the decentralized exchange Hyperliquid, has emerged as the standout performer among the top 20 cryptocurrencies by market capitalization.
The token has experienced a remarkable 23% increase over the past 24 hours, now trading above $27 per coin. This price surge coincides with the decentralized exchange’s HIP-3 reaching a new milestone, with open interest hitting a record $790 million.
Although this figure represents over 200% growth in the past month, it still falls short of Hyperliquid’s total open interest across all markets, which stands at $8 billion.
Launched on October 3, HIP-3 enables qualified developers to deploy their own perpetual futures markets on Hyperliquid’s innovative HyperCore infrastructure. This framework facilitates trading across a diverse range of assets, extending beyond traditional cryptocurrencies to include commodities, stocks, and other real-world assets.
Jeff Yan, CEO of Hyperliquid, remarked on X, “Hyperliquid has quietly reached a significant milestone by becoming the most liquid venue in the world for cryptocurrency price discovery. With the HIP-3 teams leading the way, Hyperliquid has also become the most liquid platform for trading traditional assets.“
The uptick in trading volume can be attributed to growing interest in gold as a safe-haven asset in the midst of heightened global economic uncertainty.
Specifically, trading volumes for gold and silver futures have surged, with investors seeking protection against inflation and geopolitical risks.
According to data from Flowscan, HIP-3 recorded a daily trading volume of $1.29 billion over the last 24 hours, with open interest at $693.8 million at the time of publication.
HYPE Faces Critical Resistance at $28.4
The HYPE/USD 4-hour chart reflects a bullish outlook, as Hyperliquid has bounced back significantly in recent hours. The token has climbed 23% since Monday and is now trading above the 20-day exponential moving average (EMA).
Currently trading at $27.4, HYPE appears poised to test critical resistance at $28.4. If the rally persists, it could pave the way for HYPE to breach the psychological $30 mark.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are above neutral levels, suggesting a prevailing bullish momentum.
However, should resistance at $28 hold firm, HYPE may revisit the low of $21.6 tested earlier this week in the short term.
