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crypto.news 2025-02-03 17:49:33

HYPE price rises as Hyperliquid nears $1 trillion milestone

The Hyperliquid token rebounded on Monday as the network approached a key milestone in trading volume. The price of Hyperliquid ( HYPE ) rose to $25.80 on Monday, climbing more than 25% from its lowest level over the weekend. Data compiled by DeFi Llama shows that Hyperliquid’s monthly trading volume surged to a record high of $366 billion in January, surpassing the previous month’s $341 billion. Hyperliquid’s daily trading volume jumped by 57% on Monday, reaching $16.54 billion. Over the past seven days, the platform has handled nearly $60 billion in volume, bringing its cumulative trading volume to $842 billion. At this pace, the network is likely to surpass the $1 trillion mark this month. Hyperliquid monthly volume | Source: DeFi Llama You might also like: Mantle TVL surges 354% YoY, Messari report shows Hyperliquid, the largest player in the perpetual futures industry, continues to gain market share against competitors. Its monthly volume of $58 billion far exceeded Jupiter’s $10.2 billion, dYdX’s $3.1 billion, and SynFuture’s $3.6 billion. The surge in trading volume has led to a sharp increase in Hyperliquid’s protocol fees. Data from DeFi Llama shows that its monthly fees jumped to a record high of $51.4 million, up from $10.4 million a month earlier. Hyperliquid price analysis HYPE price chart | Source: crypto.news The four-hour chart shows that the HYPE price peaked at $35.20 in December before retreating to $25.35. Recently, the token has formed an ascending channel, connecting higher highs and higher lows since January 6. The price has moved slightly above the 25-period Exponential Moving Average, a positive indicator. It has also risen to the 38.2% Fibonacci retracement level. Hyperliquid’s price is likely to continue rising as bulls target the key resistance level at $28.40, the highest level in January. A break above this level could signal further gains, with the next key reference being the all-time high of $35.20, representing a 40% increase from current levels. On the flip side, a drop below the key support level at $22 could indicate further downside, with the next target being $18.88, its lowest level in January. You might also like: Mantra price rises after new validator deal, open interest nears ATH

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