Key Points
- HYPE has surged by 23% in the last 24 hours and is now trading above $27.
- This rally follows a significant increase in commodity trading amid growing interest in safe-haven assets like gold and silver.
Hyperliquid’s Commodity Trading Boosts HYPE Above $27
HYPE, the native token of the decentralized exchange platform Hyperliquid, is currently leading among the top 20 cryptocurrencies by market capitalization.
The token has experienced a remarkable 23% increase in the past 24 hours, now trading above $27 per token. This surge coincides with the decentralized exchange HIP-3 achieving a new milestone, with its open interest reaching a record $790 million.
This figure marks over 200% growth in the last month, although it remains below the $8 billion open interest for Hyperliquid across all markets.
HIP-3, launched on October 3, enables qualified developers to create their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.
Thanks to this framework, Hyperliquid now supports trading a wide array of assets beyond traditional cryptocurrencies, including commodities, stocks, and other real-world assets.
Hyperliquid’s CEO, Jeff Yan, stated on X, “Hyperliquid has quietly achieved a significant milestone by becoming the world’s most liquid venue for cryptocurrency price discovery. With the HIP-3 teams at the forefront, Hyperliquid has also become the most liquid platform for trading traditional finance assets.”
The increasing trading volume can be attributed to a rising interest in gold and silver. Investors are turning to these safe havens due to heightened global economic uncertainty.
Contracts for gold and silver have seen particularly strong volume as investors seek protection against inflation and geopolitical risks.
Data from Flowscan indicates that HIP-3 recorded a daily trading volume of $1.29 billion in the last 24 hours, with an open interest of $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, with Hyperliquid rebounding over the last 24 hours. The token has risen 23% since Monday and is currently trading above the 20-day exponential moving average (EMA).
Currently priced at $27.4, HYPE could potentially bounce back towards the short-term resistance level of $28.4. A prolonged rally might allow HYPE to reach the psychological threshold of $30.
The relative strength index (RSI) and MACD are both above neutral levels, indicating a prevailing bullish momentum.
However, if resistance at $28 persists, HYPE could retest the Monday low of $21.6 in the near term.
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