Hyperliquid (HYPE) has emerged as one of the few large-cap cryptocurrencies to show sustained strength across multiple timeframes, even as the broader digital asset market remains under pressure.
One sec Bitcoin (BTC), Ethereum (ETH) and most major tokens struggled through the market-wide recession, Hyperliquid continued to post significant gains, standing out from what many consider to be the early stages of a bear market.
Which increases the level of Hyperliquid
Market data from CoinGecko shows that HYPE has increased by approximately 31% over the past week, pushing the token towards the $34 level at the beginning of the week and marking its highest price in over a month.
Over the last 14 days, HYPE has increased by approximately 17%, while increases of 13% and 8% have been recorded on 30-day and year-over-year periods, respectively. By comparison, Bitcoin is down 12% in two weeks, down 4% over the past month and down about 21% year-over-year.
Experts pointed to fundamental and structural developments as key factors influencing HYPE’s performance. Elite Crypto cryptocurrency analyst highlighted the impact of Hyperliquid’s HIP-3 update, which introduced permissionless perpetual contracts linked to real-world assets (RWAs) such as gold, silver and other commodities.
According to the analyst, trading activities in these products have developed rapidly, and the daily turnover of silver-based perpetual instruments alone has repeatedly exceeded $1 billion.
Elite Crypto also pointed out the signs institutional accumulationnoting that decentralized autonomous investors, including strategies that operate directly on Hyperliquid, continue to augment their exposure.
Additionally, research firm Citrini published a bullish commentary on the platform, and speculation about a potential HYPE exchange-traded fund (ETF) increased market interest.
HYPE before the key technical test
From a technical perspective, analysts note that essential levels are in focus. DeFi guru excellent that HYPE is currently testing its major bearish resistance, describing recent price action as impulsive and confidence-based, suggesting a change in dynamics.
The analyst identified $30 as a key level that should definitely be recovered. A spotless move above this area could open the door to the next major target near $35, which coincides with the Fibonacci retracement level at 0.618.
Another analyst, Efloud, suggested something more cautious view and outlined potential support and resistance zones for Hyperliquid. He identified a key support region near the $23.7 level that is crucial to determining whether the cryptocurrency will continue its rally.
Efloud noted that the price has already reached an intermediate resistance area and suggested that compact side setups will only be considered if a bearish market structure emerges on the lower time frames, either at the current level or closer to the $38-$39 range.
Despite the broader bullish narrative, Hyperliquid has not been immune to near-term volatility. Over the last 24 hours, the price of HYPE has dropped by approximately 10%, dropping to approximately $29.
Ox Kaize analyst described the recent decline is a normal market reaction, especially considering recent events affecting both gold and Bitcoin. He argues that a recovery in these markets could provide additional growth momentum for Hyperliquid, potentially pushing the token towards the $50 level.
Additional catalysts remain on the horizon. A second Hyperliquid airdrop is expected in the near future and Kaize believes the timing may be intentional as distributing tokens when prices remain below peak levels can support the long-term growth of the ecosystem.
Featured image from OpenArt, chart from TradingView.com
