Hyperliquid Price News: HYPE Could Hit $57 as Traders Go All-In On Futures

Hyperliquid (HYPE) is currently the best-performing cryptocurrency in the top 10 (ex. stablecoins) this year with gains of 80.3% at the time of writing as traders continue to embrace its decentralized perpetual futures trading platform.

On July 13, the project reported that open interest for its perps reached a new record at $11.3 billion.

Bitcoin’s jump to a new all-time high probably boosted traders’ interest in cryptos. Market sentiment confirms that participants have entered “Greed Mode” as the Fear and Greed Index currently sits at 70.

Fear and Greed Index – Source: CoinMarketCap

This week could be quite important for cryptos as multiple bills that have a direct impact in the sector’s growth within the United States are being discussed in the House of Representatives – e.g. the Genius Act.

Meanwhile, capital inflows to crypto exchange-traded funds (ETFs) have come near historical records as market participants seem to be positioning for the continuation of the current uptrend – especially as altcoins have not caught up to BTC yet in terms of making new all-time highs.

Hyperliquid Taps on Phantom’s 11M User Base

Hyperliquid recently secured a partnership with Phantom – a popular Solana trading wallet – as the back-end infrastructure for a new perps trading platform.

In February this year, Phantom reported that it had more than 11 million users and facilitated over $20 billion in swaps per year.

Phantom Official X Account – Source: X.com

Hyperliquid will likely benefit from Phantom’s robust reputation and brand to attract further transaction volumes to its proprietary blockchain.

What makes this project different from traditional DEXs is that it runs on its own infrastructure – a layer-one chain designed specifically to suit the needs of its trading platform.

In addition, the project has been at the vanguard of what’s going on in the crypto world. This week, it became one of the first platforms to list a perpetual futures contract for Pump.fun’s native asset – $PUMP.

In the past 7 days, HYPE has experienced a 22% jump. This also makes it one of the top-performing tokens among the titans of the crypto market during this period.

This emphasizes the market’s positive view about the project’s progress. In recent months, Hyperliquid has engaged in meaningful and potentially paradigm-shifting conversations with top institutions in the financial industry like the Commodity Futures Trading Commission (CFTC) to discuss the merits of 24/7 trading and the role, benefits, and risks of decentralization.

Compared to centralized exchanges, Hyperliquid is still a relatively small player as Binance handles more than 7 times its daily volumes in perps. However, it is already the indisputable leader in this segment among DEXs.

HYPE Forms Strong Trend Line Support

Looking at the daily chart, a beautiful and well-formed lower trend line has been confirmed after the July 08 bounce.

HYPE now has some strong support to keep moving higher in the next few weeks as third-touch trend lines in high time frames are among the most powerful technical setups in the books.

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

Two key areas of support – apart from this trend line – have also emerged in the past few days, the first and closest at $46 and the other at $41.

The 9-day exponential moving average (EMA) has distanced itself from the 21-day EMA and both are quite far from the 200-day EMA.

The uptrend is clearly bullish and it does not make much sense to go against it considering the significant growth that this platform has experienced lately.

At this point, the most plausible target for HYPE would be the $55 – $57 level, which corresponds to the trend line resistance shown in the chart. To get to that point, the price must stay above $41 if a pullback takes place.

The Relative Strength Index (RSI) keeps favoring a bullish outlook as well as it is near overbought levels, meaning that the trend is still quite strong.