- Hyperliquid coin price enters a consolidation range between two trendlines, offering dynamic resistance and support.
- Hyperliquid recently recorded a weekend volume milestone close to $720 million.
- The broader crypto market sentiment remains in extreme fear as the sentiment gauge, fear and greed index drops to 13%.
HYPE, the native token of decentralized perpetuals exchange, Hyperliquid recorded a significant spike of 13% on Monday, to reach $35.1 mark. The primary catalyst behind this surge followed a massive spike in Hyperliquid’s HIP-3 perpetual futures trading volume— associated with WTI crude amid geopolitical tension. Will the Hyperliquid price break the $40 region?
Hyperliquid Benefits From Commodity Market Volatility
On Monday, the Hyperliquid price outperformed a majority of major cryptocurrency with a roughly 13% surge, reaching its trading value of $34.5. Along with broader market uptick, HYPE witnessed its 24-hours trading volume spike by 196% to $503 million, bolstering its on-chain activity.
The most recent peak occurred on a weekend, when the tradexyz-driven activity boosted volumes to a new peak of about $720 million for non-trading days. This is after previous surges, with prices of silver shooting from $85 to $114 and back during the end of January triggering a surge in interest from retail buyers that saw volumes on weekdays rise to $4.67 billion and on weekends rise to $460 million on the platform.
More recently, the US-Israel-Iran conflict, which began on a Saturday in late February, limited access to conventional crude oil futures. Traders flocked to Hyperliquid’s perpetual contracts for crude, sending weekend volumes of $630 million at the time. As the price of oil surged 80% in the next nine days, last weekend broke a new record at about $720 million.
These episodes showcase how the platform captures demand for assets such as silver and oil in times of volatility or when traditional markets are closed, particularly among users who lack standard financial access. HIP-3 markets led by builders such as tradexyz, have made a significant contribution to overall volume growth, with tokenized traditional assets now making an interesting portion of activity. The resulting fee generation and use of the platform seem to be related to the latest movement for HYPE in terms of price performance.
HYPE Enters Consolidation Trend Before Its Next Leap
Over the past three months, the Hyperliquid price showcased a sideways trend below the $36.67 level amid broader market uncertainty. The daily chart highlighted that the consolidation resonated strictly within two rising trendlines, proving dynamic resistance and support to HYPE price.
The coin price bounced at least twice from each trendline suggests the lack of initiation from buyers to sellers to drive a sustainable move.
With today’s price jump, the Hyperliquid coin managed to reclaim key EMAs (20, 50, 100, and 200) bolstering its position to challenge resistance trendline at $40. A potential breakout from this resistance would accelerate the market buying pressure and push HYPE to its initial target at $50.
On the contrary, if the supply pressure persists above $36.67 to $40 region, the Hyperliquid could revert lower and prolong its consolidation range. Amid a pessimistic approach, the coin price could breach the bottom trend near $30 and seeks support at $24 level.
Also Read: Bitcoin Hits 20 Million Supply Milestone— What Happens Next?
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