Key Highlights
- HYPE has surged by 23% over the past 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.
Commodity Trading on Hyperliquid Pushes HYPE Above $27
HYPE, the native token of the decentralized exchange platform Hyperliquid, is currently the top performer among the top 20 cryptocurrencies by market capitalization.
The token has risen 23% in the last 24 hours, trading above $27. This increase coincides with Hyperliquid’s HIP-3 decentralized exchanges hitting a new milestone, with open interest reaching a record high of $790 million.
This figure reflects over a 200% growth in the last month, although it remains below the $8 billion open interest on Hyperliquid across all markets.
Launched on October 3, HIP-3 allows qualified developers to deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.
This framework now supports trading a wide range of assets beyond traditional cryptocurrencies, including commodities, equities, and other real-world assets.
Hyperliquid’s CEO, Jeff Yan, stated on social media that, “Hyperliquid has quietly reached a significant milestone in becoming the most liquid venue for cryptocurrency price discovery. With the HIP-3 teams leading the way, Hyperliquid is now also the most liquid venue for creators on traditional financial assets.”
The surge in trading volume can be attributed to growing interest in gold and silver, as investors channel their funds into these assets amid increasing global economic uncertainty.
Trading volumes for perpetual contracts on gold and silver have been particularly high, 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 shows a bullish trend, as Hyperliquid has seen a rebound over the past 24 hours. The token has increased by 23% since Monday and is now trading above the 20-day exponential moving average (EMA).
HYPE is currently trading at $27.4 and may potentially rebound towards the resistance level of $28.4 in the short term. A prolonged rally could see HYPE reach the psychological barrier of $30.
The Relative Strength Index (RSI) and the MACD are above their neutral levels, indicating a prevailing bullish momentum.
However, if resistance at $28 holds firm, HYPE might test the low of $21.6 established on Monday in the short term.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
