Hyperliquid Surges 15% as Technical Indicators Suggest Further Gains

Hyperliquid (HYPE) has experienced a significant surge, with its value increasing by more than 15% in the last 24 hours. This surge is backed by strong technical indicators that suggest further gains are possible. The platform has demonstrated impressive market performance, generating $47 million in fees over the past 30 days. This places Hyperliquid among the top protocols in the crypto space, outperforming major blockchain networks such as Ethereum and Solana.

Technical analysis indicates that HYPE could be on the verge of a golden cross formation, a bullish signal that occurs when a shorter-term moving average crosses above a longer-term one. This pattern could propel HYPE to test resistance levels at $21 or even $25.80 in the near future. The Directional Movement Index (DMI) for HYPE shows a strengthening trend, with the ADX rising from 15.7 to 19, indicating a growing conviction in the trend. The +DI has surged from 18 to 29.1, while the -DI has declined from 21.8 to 13.5, suggesting a potential bullish reversal.

The Relative Strength Index (RSI) for HYPE has climbed from 54.5 to 66, indicating growing bullish momentum that has not yet reached extreme levels. This uptick suggests strengthening buyer interest while remaining below the overbought threshold of 70. The fact that HYPE hasn’t reached overbought levels since December 2024 implies there may still be room for price appreciation before any potential pullback.

Despite its impressive performance, HYPE has faced considerable downward price pressure recently, trading below the $20 threshold for sixteen consecutive days. This has created a notable disconnect between the protocol’s operational success and its market valuation. However, the current technical indicators suggest that this trend may be reversing, with buying pressure overcoming selling pressure and setting the stage for HYPE to break above its recent sub-$20 trading range.

If the anticipated uptrend materializes, HYPE could experience renewed buying pressure, potentially pushing it to test the significant resistance level at $25.80. However, if bearish sentiment prevails, HYPE could experience renewed downward pressure, forcing it to test the critical support level at $12.43. A breach below this floor could trigger accelerated selling, potentially pushing HYPE under the psychologically significant $12 level for the first time since December 2024.

Hyperliquid’s success is particularly remarkable given that it operates as its own independent chain, unlike most other high-performing protocols that rely on established blockchain networks. This unique positioning has allowed Hyperliquid to achieve substantial revenue figures as a standalone entity, surpassing significant blockchain apps and chains such as Solana, Ethereum, Raydium, and Phantom.