Hyperliquid token price rebounded and reached a high of $31 as investors rushed to the platform to trade the ongoing crisis in the Middle East. HYPE token was trading at $31, up modestly from last week’s low of $25.
Hyperliquid volume and open interest is soaring
HYPE price soared as the volume in its platform jumped as the crisis in the Middle East escalated during the weekend, leading to the killing of Ayatollah Ali Khamenei.
With the US markets closed, traders flocked to Hyperliquid, a platform that enables users to trade perpetual futures across all asset classes, including stocks and commodities.
Data on the platform shows that the price of crude oil jumped to over $87. Similarly, gold price soared and neared its all-time high as investors rushed to safe-haven assets.
As a result, data compiled by DeFi Llama shows that the volume of assets traded on Hyperliquid continued rising. It soared to $6.5 billion in the last 24 hours, much higher than Aster’s $2.6 billion. edgeX, Lighter, and ApeX Protocol handled over $2.38 billion, $1.6 billion, and $1.15 billion, respectively.
More data shows that Hyperliquid’s open interest soared to over $5.8 billion. Aster’s figure jumped to $1.8 billion, while edgeX and Lighter soared to $1 billion.
Hyperliquid has continued to gain market share in the perpetual futures market. Its reported 30-day volume jumped to over $229 billion, much higher than Aster’s $113 billion. edgeX handled over $103 billion.
The rising volume on Hyperliquid led to higher fee collection by the network. Its 24-hour fees jumped to $2.8 billion from $1.89 million on Friday. Hyperliquid generated nearly $70 million in February, down slightly from $76 million in January this year.
The robust performance on Hyperliquid is important for the HYPE token because of how the network uses its fees and revenue. It normally uses its fees to burn and repurchase its tokens, a move that limits the impact of the token unlocks. For example, in December, the community recommended burning tokens worth about $1 billion.
HYPE price prediction
The daily chart shows that the HYPE crypto price bottomed at $20 earlier this year and then rebounded to the current $31. It recently formed a falling wedge pattern, which is made up of two descending and converging trendlines.
The coin has formed a bullish flag pattern and has already moved above the upper side. It has also jumped above the Supertrend indicator, which is a sign that bulls are in control.
Therefore, the most likely scenario is where the Hyperliquid token price continues rising, with the next key level to watch being at $38, the highest level on February 3. This target is about 23% above the current level.
On the other hand, a drop below the key support level at $25 will invalidate the bullish outlook.
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