Hyperlane's HYPER Token Surges 10% After Upbit Listing

Hyperlane's native token, HYPER, saw a notable 10% price increase today, driven by its recent listing on Upbit. This event sparked a significant rise in trading activity, more than doubling the volume and pushing the price to test the crucial resistance level at $0.20. The price briefly hit an intraday high of $0.20 before retracing to $0.16 at the time of reporting. Despite this pullback, HYPER has maintained a bullish short-term structure, staying above its previous consolidation range of $0.13–$0.15.

The intraday price movement also retested the $0.20 level, which had previously acted as a horizontal resistance during an attempted recovery following a sharp sell-off in April. This movement completed a double-bottom pattern on the 4-hour chart, with the neckline breakout occurring at $0.16. If the bullish momentum continues, the next key level to monitor is $0.20, today’s intraday high. A decisive close above this level could pave the way for a further advance towards the next resistance at $0.25, which marked the April peak before the breakdown below $0.20. Conversely, a drop below the $0.13 support level would invalidate the bullish outlook, as this level had previously served as the base of the recent consolidation.

Momentum indicators currently support a mildly bullish case. The Relative Strength Index (RSI) is in neutral territory at 55, having recently bounced off the 45 level, indicating that buyers stepped in before the price plunged into the oversold zone. The Moving Average Convergence Divergence (MACD) line has just crossed above the signal line with a small histogram turning green, signaling early-stage bullish momentum. Additionally, the price has broken above the 20 Exponential Moving Average (EMA) on the 4-hour chart and is holding above it on pullbacks, further supporting the bullish thesis.

Hyperlane is a cross-chain interoperability protocol that has connected over 100 blockchains and facilitated more than $5 billion in bridged value since its launch in 2022. The protocol currently supports more than five virtual machines, including Ethereum (ETH) and Solana (SOL). The HYPER token was officially launched on April 22 and saw a modest surge of 30% from its Token Generation Event (TGE) price of $0.27 to its all-time high (ATH) at $0.36 within a day of its launch. Prior to its public debut, HYPER was offered at just $0.03 during its Initial DEX Offering (IDO) on Binance Wallet, resulting in a 1,100% return at peak for early participants.

Since its launch, HYPER has secured listings on several major centralized exchanges, including Binance, KuCoin, Gate.io, Bybit, MEXC, and most recently, Upbit. The token currently holds a modest market cap of just $28 million. The recent listing on Upbit has further boosted the token's visibility and accessibility, potentially attracting more investors and contributing to its bullish momentum. The protocol's ability to connect multiple blockchains and facilitate significant bridged value underscores its potential for growth and adoption in the cross-chain interoperability space.