Decentralized derivatives trading platform Hyperliquid is making waves this week as HYPE soars to a new all-time high.
Following its recent airdrop, HYPE has entered the top 30 cryptocurrencies, but what’s next for its price? Let’s take a look.
This article dives into Hyperliquid’s seismic genesis event on November 29, which saw market excitement erupt after the platform airdropped 31% of its native HYPE layer-1 tokens, valued at $4.8 billion at the time.
Now surging aggressively to the upside, HYPE is positioned as one of December 2024’s top gainers.
Over the past 14 days, the token has climbed 209%, boasting a current market cap of $9.1 billion, supported by $3.25 billion in total value locked (TVL) and $332 million in 24-hour trading volume.
Why is Hyperliquid and HYPE Crypto Surging So Aggressively?
The dramatic growth has been fuelled by post-airdrop retail interest in the Hyperliquid Layer-1 blockchain, which is fuelling rapid adoption of Arbitrum – reminiscent of Base season in the Summer or the quick-fire trend for Tron meme coins.
Indeed, eagle-eyed market analysts have clocked huge cross-chain flows from Solana to Arbitrum – fuelled by Hyperliquid – suggesting that retail traders are flocking to the latest market trend.
The only question remains: how long can Hyperliquid keep this up? Let’s take a look.
HYPE Price Analysis: Can HYPE Crypto Sustain Sensational Hyperliquid Price Rally?
As Hyperliquid continues to maintain its ascendent trading channel, HYPE crypto is currently trading at a market price of $26.65 (representing a 24-hour change of -2.4%).
This comes amid an impressive +99% climb over the past week, which has seen Hyperliquid skyrocket up to hit a new all-time high at $29.62.
The upside move has been sustained for days by the close support of an equally aggressively ascending 20DMA, which has provided a local foothold continually throughout the increase in value.
However, following the new all-time high, which comes just below the $30 psychological price level, HYPE crypto is in a local price retreat, with the chart suggesting an imminent retest of $25.625 is on the cards.
This is best explained by the RSI, which has remained severely overheated for much of the past 48 hours and now seeks to cool off as holders consolidate the newfound gains and build market confidence for a break above $30.
Yet, while consolidation or even retracement seems to dominate the short-time frame outlook for HYPE, especially as the lower trendline at $23.38 hasn’t been re-tested in 4-days – and this is driving smart money to now rotate into a soon-to-launch viral meme coin.
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The post Hyperliquid’s ‘HYPE’ Airdrop Soars to New Highs as Crypto All-Stars Smashes $19M appeared first on Cryptonews.
