Hyperliquid (HYPE) has just seen a 15% increase in price in the last 24 hours reaching $38, just after Binance US announced plans to list the token for spot trading. This sudden rally has put HYPE back in the spotlight, just below its all-time high of $40, sending a strong signal to the broader crypto market.
In an X (formerly Twitter) post on Monday, Binance Us confirmed it will soon enable spot trading for HYPE citing “coming soon.”. Although no specific listing date has been provided, the market responded swiftly.
According to CoinMarketCap, the trading value has risen to over 76% reaching $319 million, the first ever to happen in HYPE trading history.
Adding to the excitement, According to Coinglass, HYPE’s open interest has also reached an all-time high of $1.43 billion, a $140 million jump in just 24 hours, a sign of growing confidence which also means that more capital is being locked into futures contracts.
Moreover, Big players are also paying attention. Just hours ago, a crypto whale purchased 110,824 HYPE tokens for $3.99 million at an average price of $36 while following it up with a 4x leveraged long position. The same whale who has made about $361,000 on the platform in profit in previous trades
Beyond price action, Hyperliquid’s fundamentals are looking stronger than ever. In May, according to DeFiLlama, the platform brought in $64.3 million in revenue, up sharply from $40.94 million in April. A portion of this income is used in a buyback and burn program, where HYPE tokens are bought from the market and permanently removed from circulation, reducing supply and supporting long-term value.
Looking at the chart, the market has been on a strong buy since the 7th of April creating a bullish trendline, breaking past the resistance level of $2.92 to create a new high on the 25th of May.
However, the market corrected this large bullish movement creating a short sell-off, tapping into the resistance that was broken then turning it into a support level.
Now the market the reaching its all-time high, which is another resistance level, If HYPE breaks through this resistance, the price could quickly move toward $50.
Similarly, in an x post, an analyst pointed out his bullish outlook on the market, stating “HYPE is on track to hit $50 this week”.
Also Read: Blockchain Group Buys $68M in Bitcoin to Its Treasury
