Hyperliquid (HYPE) has emerged as one of the few large-cap cryptocurrencies showing sustained strength across multiple time frames, even as the broader digital asset market remains under pressure.
While Bitcoin (BTC), Ethereum (ETH) and most major tokens have struggled amid a market-wide pullback. Hyperliquid has continued to post significant gains, setting it apart during what many consider the early stages of a bear market.
What causes hyperliquid to become higher
Market facts from CoinGecko shows that HYPE has risen around 31% over the past week, pushing the token to the $34 level earlier this week and marking its highest price in over a month.
Over the past fortnight, HYPE is up about 17%, with 30-day and year-over-year gains of 13% and 8% respectively. By comparison, Bitcoin is down 12% in two weeks, 4% in the past month and is down about 21% year-over-year.
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Experts have pointed to fundamental and structural developments as key drivers of HYPE’s performance. Crypto analyst Elite Crypto marked the impact of Hyperliquid’s HIP-3 upgrade, which introduced permissionless perpetual contracts tied to real assets (RWAs) such as gold, silver and other commodities.
According to the analyst, trading activity in these products has increased rapidly, with silver-based perpetuals alone reaching more than $1 billion per day in volume in many cases.
Elite Crypto also pointed out signs of institutional accumulationnoting that decentralized autonomous traders, including strategies that operate directly on Hyperliquid, have been steadily increasing their exposure.
Additionally, research firm Citrini has published bullish commentary on the platform, and speculation surrounding a potential HYPE exchange-traded fund (ETF) has increased market interest.
HYPE represents a crucial technical test
From a technical perspective, analysts see important levels coming into focus. DeFi guru noted that HYPE is currently testing its primary bearish resistance, describing the recent price action as impulsive and confidence-driven, indicating a shift in momentum.
The analyst identified $30 as a key level to reclaim decisively. A clean move above that area could open the door to the next big target near $35, which corresponds to the 0.618 Fibonacci retracement level.
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Another analyst, Efluud, offered even more cautious look and outlined potential support and resistance zones for Hyperliquid. He identified a key support region near the $23.7 level, which is crucial in determining whether the cryptocurrency will continue its rally.
Noting that the price has already reached an intermediate resistance area, Efloud suggested that short-side setups would only be considered if a bearish market structure appears on lower time frames, either at current levels or closer to the $38-$39 range.
Despite the broader bullish narrative, Hyperliquid is not immune to short-term volatility. Over the past 24 hours, HYPE has fallen about 10% towards around $29.
Analyst Ox Kaize described the recent dip as a normal market reaction, especially given the recent developments affecting both gold and Bitcoin. He claims that a recovery in those markets could provide additional upside momentum for Hyperliquid, potentially pushing the token towards the $50 level.
More catalysts lie ahead. A second Hyperliquid airdrop is expected in the near future, and Kaize thinks this could be deliberate timing, as distributing tokens while prices remain below peak levels can support ecosystem growth in the longer term.
Featured image from OpenArt, chart from TradingView.com