Hyperliquid Price News: HYPE Rises as HIP-3 OI Explodes – $50 Next?

Hyperliquid (HYPE) has surged by 21% in the past 24 hours to $27.60 as trading volumes have exploded.

Data from CoinMarketCap shows that the volumes more than doubled during this period, currently standing at 6.6% of the token’s circulating market cap. This indicates rising buying pressure after a confirmed trend reversal.

Yesterday, Hyperliquid shared interesting news about the performance of its HIP-3 protocol. This is a new program that allows independent parties to launch new markets for perpetual futures.

HIP-3’s Growing Adoption Could Result in Supply Shock for HYPE

According to the developing team, open interest (OI) on HIP-3 has surpassed $800 million. This platform already supports a rising number of perps tracking the price of commodities like gold and silver, along with equity indexes like the S&P 500.

A Hyperliquid-based protocol called Trade.xyz has been responsible for fueling the demand for this new platform, as its user-friendly interface supports decentralized perps trading for these assets.

Trade.xyz Top Assets by Open Interest – Source: Trade.xyz

According to the trading interface’s current stats, silver perps currently boast $141 million in OI, followed by gold with a similar $103 million.

In addition, traders can place positions on a rising number of U.S. equities like Tesla (TSLA), Robinhood (HOOD), and more. The solution relies on price oracles provided by

On-chain data aggregators for Hyperliquid, like Flowscan, indicate that HIP-3 protocols have already processed over $26 billion in volumes, with a total of 26.5 million executed trades. Trade.XYZ is the largest DEX built on this version with a 90% market share.

Growing adoption of HIP-3 is bullish for HYPE, as every new market created requires that the creator stake 500,000 tokens. This reduces the circulating supply and creates an organic mechanism that creates ongoing demand for HYPE.

Daily Chart Flashes “Buy” as Hyperliquid Bounces Off $20

The daily chart shows that HYPE bounced strongly after approaching the $20 threshold. Buying pressure has been rising in the past 2 days, reflecting a strong reaction to the latest news.

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

After a massive sell signal that saw HYPE drop from $47 to $22, the daily chart has flashed two buy signals, reflecting a change in the market’s dynamics and sentiment.

Breaking past the $23 barrier confirms that the token has reversed its downtrend. The next and most likely target for HYPE would be $31, meaning an 11% upside potential.

Meanwhile, if we break past that mark, it is highly likely that the token will rally toward the $50 level within the next few weeks as Hyperliquid’s footprint in the TradFi space continues to deepen.

The Relative Strength Index (RSI) also sent a buy signal upon rising above the 14-day moving average. In addition, the oscillator has hit 61, meaning that positive momentum is accelerating.

At the time of writing, all four time frames tracked by this signals system (daily, 4-hour, hourly, and 15-minute) have flashed “buy”, making a long position for HYPE a high probability trade at the time.