Hyperliquid’s native coin, HYPEHYPEThe altcoin has gained 58% in the past three days to a high of $34.5, outperforming all other top-cap currencies. Over the last 3 days, this altcoin gained 58 percent to a high of $34.5. This is largely due to commodities trading at Hyperliquid reaching new heights.
Takeaways from the conference:
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HYPE is up over 57% within 72 hours due to the high volume of commodities traded on Hyperliquid HIP-3 Dexs.
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The price of HYPE breaks out from a downward trend that lasted for several months, and it is now aiming to reach $50.
Open interest in HYPE jumps by nearly 50%
HYPE’s recent rally has coincided with significant liquidations on its derivatives markets. According to data Coinglass reports that more than 34 million leveraged HYPE position have been liquidated in the past 72 hours. Of this, 32.2 million represent short liquidations.
Related: Fundstrat’s Lee sees a crypto comeback once precious metals cool
You can also find out more about it here. open interest The return of traders in derivatives was evident on Wednesday as the (OI), which measures the amount invested, increased 48.7% during the same time period. The increase in futures OI along with the price is a sign of growing investor interest, and this can be viewed as positive when there’s a trend upwards, because it increases liquidity.
Investor interest in HYPE grew after Hyperliquid’s HIP-3 Decentralized Exchanges (DEXs), which were based on Hyperliquid’s HIP-3 technology, achieved a major milestone. OI rising to a new high of $935 million On Wednesday,
In addition, daily trading volumes across HIP-3 DEXs have also reached record levels of 1,78 billion dollars as can be seen in the graph above.
“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” Hyperliquid CEO Jeff Yan said Add this to the X on Monday:
“With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets.”
A surge in the trading volume has been attributed to a growing interest in commodities such as silver and gold. Silver was, for instance, the third most-traded asset in Hyperliquid’s 24-hour volume, after Bitcoin and Ether.
HIP-3’s booming trading comes at a time when precious metals are soaring. Both gold and Silver have been breaking new records over the past several months.
Gold broke the $5,000 mark On Jan. 23, silver reached $100 for its first time. hit an all-time high of $117 The price of an ounce is $2.
Next, HYPE will be $50.
HYPE confirms a breakout of its multimonth fall wedge pattern. A setup that is commonly viewed as a signal for a bullish reversal.
Breakout occurred when prices rose above the wedge’s upper trendline, and 50-day simple average. These two elements now serve as strong supports near $25.
A notable rise in the trading volume (73% increase over the past 24 hours) accompanied the breakout, suggesting renewed buying interest as well as the start of an uptrend.
HYPE could rally towards its wedge target price of $49.8, which represents a 45% rise from the current prices.
This is in line with the Whale Factor’s target of around $50. It was based on an uptrend that lasted for several months and Fibonacci analysis.
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Source: cointelegraph.com
