Hyperliquid Price News: HYPE Bounces Off $30 as Recovery Heats Up

Hyperliquid (HYPER) has gone up by 8% in the past 24 hours to $35 after bouncing strongly off a key support at $30 during the weekend.

The market seems to be ready to bounce back after analysts reconsidered the probabilities of a rate cut for the December FOMC meeting.

In addition, a strong jobs report last Friday may have given the market a foothold to start recovering after weeks of strong drops.

Despite the latest downturn, HYPE is one of the best-performing tokens of the top 10 with annual gains of 47% as this perpetual futures trading platform has proven that it can withstand even the most challenging market conditions.

During the October 10 flash crash, Hyperliquid showcased its operational resilience at a point when centralized exchanges (CEX) like Binance were reporting technical issues.

That said, Hyperliquid has been experiencing strong competition from platforms like Aster, whose market share has expanded rapidly in the past few months.

Top DEXs for Derivatives – Source: CoinMarketCap

At the time of writing, this BNB-native protocol has actually surpassed Hyperliquid in 24-hour volumes with an 18.5% share.

There have been complaints from prominent DeFi analytics platforms like DeFi Llama, stating that Aster’s number could be inflated through wash trading.

Nonetheless, its rapid surge can also be explained by the success of its aggressive marketing campaigns, rewarding traders with fee discounts and token airdrops for migrating to the platform.

Hyperliquid’s TVL Has More Than Doubled in 11 Months

Data from DeFi Llama shows that Hyperliquid’s total value locked (TVL), expressed in ETH, has more than doubled since the year started, moving from 610,000 tokens to 1.5 million at the time of writing.

Hyperliquid Total Value Locked (TVL) – Source: DeFi Llama

This shows that adoption is accelerating as Hyperliquid offers an efficient, technically robust, and decentralized alternative to trade perps that could soon compete with top CEXs like Binance.

Its permissionless architecture, the fact that it runs on its own layer-one blockchain, and its user-friendly platform are just some of the reasons why investors maintain a bullish long-term outlook on this token.

HYPE Could Fully Recover If the Rally Breaks Past $38

Moving to the daily chart, trading volumes support the relevance of the $30 level from a technical standpoint as they increased right after HYPE hit that mark.

The token has now accumulated a 4-day winning streak and is rapidly approaching a key level of resistance where the 200-day exponential moving average (EMA) and a trend line are in confluence.

HYPE/USD Daily Chart (Bitget) – Source: TradingView

This increases the technical relevance of this price zone, which sits at around $38. If the price rises above this mark, HYPE could start recovering and moving toward much higher ground within the next few days.

The reason for this is that a bullish breakout would also invalidate the market’s bearish structure, meaning that the trend’s direction would be officially reversed.

The Relative Strength Index (RSI) just made its way above the 14-day moving average as well. This could be an early buy signal that would be confirmed if the price rises above the mid-line.

Market sentiment has improved slightly in the past couple of days as the Fear and Greed Index recovered to 15 after hitting 11 recently. Was $30 the bottom? We’ll see in the next few days, but technical indicators favor this view.