Hyperliquid HYPE is currently trading at $29.42, up 0.79% in the last 24 hours, with total trading volume reaching $807.42 million, a 23.54% increase compared to the previous day. Over the past week, HYPE has gained more than 30%, highlighting renewed investor interest and strong market participation.
The surge follows a significant milestone on Hyperliquid’s decentralized exchange (DEX), where Silver-USDC perpetual contracts surpassed $1 billion in 24-hour trading volume. Analysts attribute the token’s weekly gains to increased derivatives activity and the growing adoption of real-world asset trading on Layer 1 blockchain platforms.
Hyperliquid Falls Below 100-Day SMA
In X post, Crypto analyst Umair Crypto noted that HYPE’s rally began near $23 and accelerated after a clean close above $25.4, unlocking movement toward $30 and a prior value area high around $35. The token briefly peaked at $34.8, delivering nearly a 50% move.
However, recent charts indicate a shift in structure. HYPE has fallen below its 100-day simple moving average and failed to reclaim it on three occasions, a pattern often associated with distribution rather than sustained bullish strength. Analysts suggest the $27 zone may act as a stabilization area before another upward attempt.
The prior breakout from a multi-month descending channel remains technically significant. Momentum indicators like RSI have broken bearish trendlines and remain above neutral levels, supporting the view that the current pullback is a healthy consolidation, not a trend reversal.
Silver-USDC Perpetual Contracts Hit $1 Billion
Beyond technical analysis, Hyperliquid’s fundamentals are receiving a boost from commodities trading. Silver-USDC perpetual contracts exceeded $1 billion in 24-hour volume, marking a new milestone for real-world asset derivatives on decentralized platforms. This surge has increased open interest, trading activity, and fee generation, contributing to an estimated 22–25% appreciation in HYPE’s value.
Market observers view this trend as part of a broader shift toward decentralized venues for hedging traditional assets. As Ryan Watkins, co-founder of Syncracy Capital, stated: “Hyperliquid is rapidly emerging as a leading venue to trade perpetual contracts for financial assets faster than expected.”
The growth of silver trading on Hyperliquid reflects broader crypto market dynamics, with derivatives activity rivaling several major cryptocurrencies, including Solana (SOL) and XRP. Bitcoin remains relatively steady at $88,000, showing limited movement compared to the surge in HYPE.
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