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Sam Cooling
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Sam Cooling
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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.
Don’t Miss Crypto All-Stars: This New DeFi Protocol is Set to Skyrocket After Near $20M Raise
Crypto All-Stars is hitting viral momentum ahead of the highly anticipated STARS DEX launch next week, with late-stage whale buys rocking the presale as it surges towards $20M raised.
Now, standing at an impressive $19.73M raised in the ongoing presale, there are just 3-days left to get in at the lower-than-launch price entry of $0.0016782 before the major event – so don’t miss out.
Gone are the days of watching volatility shake your portfolio, desperately praying for your meme coin to skyrocket – it’s time to put your meme coins to work.
Crypto All-Stars is delivering a brand-new omnichain DeFi protocol that will enable you to stake your meme coin holdings to earn passive income while waiting for WAGMI.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and Bonk can currently stake them on the platform and earn passive income in the form of $STARS with a variable rewards rate currently set at 160%.
Follow the team on social media – X (Twitter) | Telegram to keep up-to-date with all the latest news and developments.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
