Hyperliquid Price News: Why HYPE Could Hit $100 in the Coming Weeks

Hyperliquid (HYPE) is rallying by 13% in the past 24 hours, once again surpassing the $60 mark as momentum for trading of real-world assets (RWAs) continues to accelerate.

Earlier this month, the platform announced that open interest (OI) in RWA assets via trade.xyz surpassed $2.8 billion, doubling the amount in just two months.

Trade.xyz allow users to take long and short positions on stocks, commodities, indexes, and more through a decentralized platform that runs on the Hyperliquid blockchain.

Trading volumes for HYPE have skyrocketed as a result of this wave of positive momentum, rising by 42% in the past 24 hours alone and accounting for 7% of the token’s circulating market cap.

On-Chain Data Shows Steadily Rising Open Interest on Hyperliquid

According to on-chain data, open interest (OI) for the top four traded tokens (BTC, ETH, SOL, and HYPE) has been steadily rising since January, moving from a cycle low of $3.4 billion to $5.4 billion by the end of April.

HYPE and BTC have spearheaded this rally, as OI in these tokens has been steadily increasing during that period while ETH and SOL have seen stalled growth.

Meanwhile, trading volumes have plateaud lately after this metric spent months in an upward trajectory. We saw cumulative volumes climb from $697 million in December 2024 to $3.8 trillion by the end of last year for a 445% jump.

However, during the first four months of this year, the mtric has only increased by 15% as the latest bear market has impacted traders’ interest in cryptocurrencies. This is justified as most cryptos are in consolidation mode, which tends to depress trading volumes.

That said, even though volumes have been growing slowly this year, the fact that open interest (OI) is picking up since January indicates that traders have been positioning for the market’s next strong moves.

Hyperliquid Sets New Record Onboarding Over 120,000 Users in February Alone

In addition, Hyperliquid took in the largest number of new users on record, since the platform started to track this metric back in May 2023, with 123,500 new wallets being onboarded in February alone.

That number dropped dramatically in March and has not been updated in April. Nonetheless, this strong February inflow propelled the platform’s user base to 1.2 million.

On-chain data seems to confirm that the platform is experiencing a whole new wave of positive momentum at a point when regulations in the United States are advancing rapidly toward embracing decentralized trading solutions, tokenization, and other similar trends.

Hyperliquid is at the epicenter of innovation in the TradFi space and has been in conversations with key players in the industry like the CME Group to become the infrastructure that the futures market could rely on to enable 24/7 trading of financial instruments in the North American country.

The launch of Trade.xyz has validated the platform’s capacity to accommodate high volumes from the RWA market. Adoption could start increasing in the near term if big players from traditional finance come to Hyperliquid looking for a partner to enable asset trading on chain.

HYPE Seems On Track to Hit $100 as Buying Pressure Was Stronger Than Expected

In our latest Hyperliquid price prediction, we emphasized that we expected a retreat to $50 over the next few days as the rally was already overheated.

We did get a pullback, but it seems that buying interest was quite strong at $60 – which was the token’s previous all-time high.

The fact that positive momentum remains so strong despite a clearly overextended rally increases the odds of a move toward $100 over the next few weeks.

We now see this $60 level as the key support to watch in case HYPE retreats at some point. As long as that area holds, this altcoin could be entering a new stage of growth as the market continues to validate the platform’s use cases and growth potential.