HYPE soars 23% as commodities trading on Hyperliquid increases

Key takeaways

• HYPE is up 23% in the last 24 hours and is now trading above $27.
• The rally follows a surge in commodities trading amid rising interest in safe-haven assets like Gold and Silver.

Commodity trading on Hyperliquid pushes HYPE above $27

HYPE, the native coin of the Hyperliquid decentralized exchange, is the best performer among the top 20 cryptocurrencies by market cap.

The coin is up 23% in the last 24 hours and is now trading above $27 per coin. The rally comes as Hyperliquid’s HIP-3 decentralized exchanges recorded a new milestone, with their open interest rising to a new high of $790 million.

This figure represents over 200% growth in the past month but remains below Hyperliquid’s $8 billion open interest across all markets.

HIP-3 has been around since October 3 and allows qualified developers to deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.

Thanks to this framework, trading for a wide range of assets beyond traditional cryptocurrencies, including commodities, stocks, and other real-world assets are now live on Hyperliquid. 

Hyperliquid CEO Jeff Yan stated on X that,

“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets.”

The surge in trading volume can be attributed to rising interest in Gold and Interest. Investors have been pushing their money into Gold and Silver as safe havens due to heightened global economic uncertainty

Gold and Silver perpetual contracts have seen particularly strong volume as investors seek hedges against inflation and geopolitical risks.

Data obtained from Flowscan shows that HIP-3 recorded a daily trading volume of $1.29 billion over the past 24 hours, with open interest at $693.8 million at the time of publication.

HYPE faces critical resistance at $28.4

The HYPE/USD 4H chart is bullish and efficient as Hyperliquid has rallied in the last 24 hours. The coin is up 23% since Monday and is now trading above the 20-day Exponential Moving Average (EMA).

HYPE is currently trading at $27.4 and could rally towards the $28.4 resistance level in the near term. An extended rally would allow HYPE to hit the $30 psychological mark. 

The Relative Strength Index (RSI) and MACD are above their neutral levels, indicating a dominant bullish momentum.

However, if the $28 resistance holds, HYPE could retest the Monday low of $21.6 in the near term.