HYPE Price Rally Explained: Silver Sparks a $1B Volume Surge on Hyperliquid

Hyperliquid (HYPE) emerged as one of the best-performing cryptocurrencies this week, even though the broader market showed uneasiness due to yen intervention and US government shutdown fears.

As of Wednesday, HYPE’s price was trading for as high as $30.96, up 9.40% intraday and by over 50% week-to-date. In comparison, the crypto market’s net capitalization was up only by roughly 4%.

Why is Hyperliquid Up So Much This Week?

HYPE’s outperformance this week reflects a sudden burst of activity in Hyperliquid’s commodities markets, led by silver perpetuals.

The SILVER contract saw roughly over $1 billion in 24-hour trading volume, a standout spike for a non-crypto perp and a sign that traders were rotating into high-volatility macro themes even as broader markets stayed cautious.

That surge helped lift open interest tied to Hyperliquid’s newer HIP-3 markets to around $790 million, pointing to deeper liquidity and larger position sizes being deployed on the protocol.

HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.

HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.

— Hyperliquid (@HyperliquidX) January 26, 2026

Hyperliquid structurally links volume to token demand: it routes about 97% of trading fees into its Assistance Fund, which uses the revenue to buy back HYPE, so higher turnover can quickly translate into stronger buyback expectations.

In addition, an overall recovery in the crypto market after the weekend dump improved HYPE’s upside momentum.

HYPE Pullback Likely As Price Hits Key Resistance Confluence

From a technical perspective, HYPE is now approaching a decision zone after its sharp rally.

The daily RSI is hovering near overbought levels, signaling that upside momentum is strong but increasingly stretched. At the same time, price is testing a confluence of resistance at the 200-day EMA and a key Fibonacci retracement level, an area where rallies often pause or reverse.

If buyers fail to push cleanly through this zone, a near-term pullback becomes more likely. In that scenario, HYPE could retrace toward the 0.618 Fibonacci level near $28.82, which also aligns with prior consolidation and may act as support.

A decisive breakout above resistance would shift the bias back in favour of the bulls, opening the door to a continuation move toward the next Fibonacci resistance band in the $40–$48 range.

As of late, many tokens have continued their upside momentum despite overbought conditions, including Zcash (ZEC), Dash (DASH), Dusk (DUSK), and others.