Hyperliquid Token Surges 25% as Trading Volume Hits Record High
1min read The Hyperliquid token (HYPE) experienced a significant price increase on Monday, as the network approached a crucial milestone in trading volume. The price of HYPE rose to $25.80, marking a more than 25% climb from its lowest point over the weekend.
Data compiled by sources shows that Hyperliquid's monthly trading volume reached an all-time high of $366 billion in January, surpassing the previous month's $341 billion. The platform's daily trading volume surged by 57% on Monday, reaching $16.54 billion. Over the past seven days, the platform has handled nearly $60 billion in volume, bringing its cumulative trading volume to $842 billion. At this pace, the network is on track to surpass the $1 trillion mark this month.
Hyperliquid, the largest player in the perpetual futures industry, continues to gain market share against competitors. Its monthly volume of $58 billion far exceeded that of Jupiter, dYdX, and SynFuture. The surge in trading volume has led to a sharp increase in Hyperliquid's protocol fees, with monthly fees jumping to a record high of $51.4 million, up from $10.4 million a month earlier.
The four-hour chart shows that the HYPE price peaked at $35.20 in December before retreating to $25.35. Recently, the token has formed an ascending channel, connecting higher highs and higher lows since January 6. The price has moved slightly above the 25-period Exponential Moving Average, a positive indicator, and has risen to the 38.2% Fibonacci retracement level.
Hyperliquid's price is likely to continue rising as bulls target the key resistance level at $28.40, the highest level in January. A break above this level could signal further gains, with the next key reference being the all-time high of $35.20, representing a 40% increase from current levels. On the flip side, a drop below the key support level at $22 could indicate further downside, with the next target being $18.88, its lowest level in January.
