Hyperliquid (HYPE) has emerged as one of the few major cryptocurrencies to show strong momentum over multiple periods, even as the broader digital asset market remains under pressure.
While Bitcoin (BTC), Ethereum (ETH), and many other major tokens that have struggled amid the overall market pullback, Hyperliquid has continued to post significant gains, breaking it out during what many consider the early stages of a bear market.
What Drives Hyperliquid High
The market data from CoinGecko shows that HYPE is up nearly 31% in the past week, pushing the token to the $34 level earlier in the week, and marking its highest price in over a month.
Over the past 14 days, HYPE is up nearly 17%, while gains of 13% and 8% were recorded over the 30-day period and year-over-year, respectively. In comparison, Bitcoin is down 12% in two weeks, down 4% in the past month, and down nearly 21% year-to-date.
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Experts have identified fundamental and structural developments as key drivers behind HYPE’s performance. Crypto Elite Crypto Analyst highlighted the impact of the development of HIP‑3 for Hyperliquid, which introduces perpetual contracts without permission tied to real world assets (RWAs) such as gold, silver, and other commodities.
According to the analyst, trading activity in these products has grown rapidly, as silver-based perpetuals alone exceed $1 billion in daily volume many times.
Elite Crypto also pointed out the signs of to accumulate institutionsnoting that established independent brokers, including strategies working directly on Hyperliquid, have been steadily increasing their exposure.
In addition, research firm Citrini published a bullish comment on the platform, and speculation about a possible HYPE exchange-traded fund (ETF) added to the market’s gains.
HYPE Faces Critical Technical Tests
From a technical perspective, analysts see key levels entering their focus. The DeFi Guru noted that HYPE is currently testing its main downside resistance, interpreting recent price action as bullish and confidence-driven, suggesting a momentum shift.
The analyst identified $30 as an important level to re-claim accordingly. A clean move above that area would open the door to the next major target near $35, which coincides with the 0.618 Fibonacci retracement level.
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Another commentator, Efloud, offered more cautious opinion and revealed potential support and resistance areas for Hyperliquid. He identified an important support region near the level of $ 23.7, which is important in determining whether the cryptocurrency will continue its rally.
Efloud noted that the price has already reached the central resistance area and suggested that a short-side setup will be considered only if a cheap market structure appears in the lower time frames, either at current levels or near the $38–$39 range.
Despite the broad bullish narrative, Hyperliquid has not been immune to short-term volatility. In the last 24 hours, HYPE has retreated nearly 10%, down to around $29.
Analyst Ox Kaize explained the recent dip as a normal market reaction, especially given recent developments affecting both gold and Bitcoin. He argues that a recovery in those markets could provide additional impetus for Hyperliquid, potentially pushing the token to the $50 level.
More catalysts are still on the horizon. The second airdrop of Hyperliquid is expected in the near future, and Kaize believes that the timing may be deliberate, as the distribution tokens while the prices remain below the high levels may support the long-term growth of the ecosystem.
Featured image from OpenArt, chart from TradingView.com
