Hyperliquid Token Surges 50% Weekly, Nears $42.25 High

Hyperliquid's native token has shown exceptional strength, defying recent market trends with a 50% weekly surge. This impressive performance has brought the token close to its key high of $42.25, a level last seen in the previous year. The token's price has been on a steady upward trajectory since hitting a low of $9.3 last month, overcoming several resistance levels along the way. Despite the broader crypto market's volatility, Hyperliquid has maintained a bullish outlook, driven by a consistent increase in demand.

The token's current price of $38.6 suggests a strong bullish momentum. If the token successfully breaks above the $42.25 level, it could trigger a significant rally, potentially reaching new all-time highs. However, there is a possibility of a slight pullback if the token encounters resistance at this level. In such a scenario, the price could drop to the $20 level before finding solid support. Conversely, if the token manages to surpass the $42.25 mark, it could surge to $46 or even $50, according to analysts' forecasts.

Key support levels to watch include $35.7, $28.4, $23.25, $19.5, and $16.9, which could provide a safety net in case of further dips. The overall market structure suggests that bulls are likely to gain more control in the future, with a further surge in buying volume expected to sustain the bullish momentum until an exhaustion point is reached. As it stands, there is no indication of bearish action on the daily scale, reinforcing the token's strong performance and potential for further growth.