HYPE Price Prepares for 51% Surge as Hyperliquid Volume Soars

Hyperliquid, the leading decentralized platform for perpetual futures trading, is witnessing a notable surge in trading volume, propelling its native token, HYPE, to new heights. On January 12, HYPE experienced a substantial price increase of over 10%, reaching a high of $23.10, its peak since the previous Sunday. This surge is primarily attributed to Hyperliquid’s dominant position in the perpetual futures market.

Since its launch, Hyperliquid has solidified its role as the top player in the space. According to data from DefiLlama, the network has processed more than $747 billion in futures trades. In the past 24 hours, Hyperliquid’s volume hit $12 billion, with a seven-day total of $73 billion, outpacing its closest competitor, Jupiter, which reported $2.61 billion in daily volume and $11.65 billion over the week.

On Monday, Hyperliquid reached a record daily volume of $22 billion, a remarkable increase from the $640 million it handled on the same day in the previous year. This surge was largely driven by the explosion in volume from newly launched meme coins, particularly Official Trump and Melania Melania Meme. These tokens achieved multi-billion-dollar market caps ahead of Donald Trump’s inauguration, contributing to Hyperliquid’s overall growth.

Chart Analysis Suggests Further HYPE Price Surge

Since December 21, when HYPE peaked at $35.10, the token has formed a falling wedge chart pattern. This pattern is characterized by two trendlines connecting the asset’s lower lows and lower highs, and typically signals a bullish breakout when the lines converge. On January 14, HYPE broke out of this pattern, with the price rising to test the $24.43 resistance level.

Following the breakout, HYPE retraced back to the upper side of the wedge before continuing its upward momentum, forming a break-and-retest pattern. This pattern is known as a continuation signal, indicating that further gains are likely.

Additionally, HYPE has formed a small inverse head and shoulders pattern, a classic bullish reversal formation. Given these technical indicators, there is a strong possibility that HYPE will see a sustained bull run if it surpasses the $24.43 resistance level.

If this happens, the next key target for HYPE would be the $35 mark, the token’s high from December. A move to this level would represent a potential 51% increase from the current price, positioning HYPE for a significant rally in the coming days.

Hyperliquid’s growth in the decentralized perpetual futures market is undeniable, and its token, HYPE, is likely to continue benefiting from its dominance and increasing volume. The technical chart suggests that HYPE is well-positioned for a bullish breakout, with the potential for a 51% surge if it breaks through the key resistance level of $24.43. Given the rising volume driven by meme coin market caps and the broader growth of the platform, the outlook for HYPE remains optimistic.