Hyperliquid [HYPE] is seeing a surge in market activity as trading volumes across its ecosystem continue to expand.
Over the past two weeks, real-world asset (RWA) trading on the platform has repeatedly broken records. Open Interest (OI) has climbed above $1.3 billion, while weekend trading volume has exceeded $1.9 billion.
The network activity could have hedged the market hours. Unlike traditional financial markets that operate within fixed hours, Hyperliquid provides 24/7 price discovery for assets such as oil, metals, and indices.
Growing trading activity aids bulls
The surge in RWA trading activity strengthens Hyperliquid’s long-term bullish bias. Bringing traditional assets onto decentralized infrastructure expands the platform’s market reach. It also introduces new liquidity sources into the ecosystem.
As adoption grows, traders and investors are likely to begin speculating on how this expansion could influence the HYPE token’s price performance.
With the network trading volume trailing above $1.7 billion throughout the last four days, most traders are likely to add more positions ahead of a further rally.
HYPE rallies after trendline rebound
From a technical standpoint, the token has already begun to react. On the daily chart, HYPE has staged a strong recovery since its price action retested a trend line support back on the 26th of February at around $25.64.
In fact, the token has rallied by approximately 48% from the bounce to the current trading price, reflecting renewed bullish momentum.
The price is now testing its most recent high at $38.25, placing the market at a key decision point. With most investors projecting the volatility to skyrocket at this key price level, a further rally is more likely to unfold.
Notably, the token prices are still trading above the 50-day EMA support.
Funding rate signals undervaluation
Notably, derivatives data offers another important signal: at press time, HYPE’s Funding Rate remained negative at –0.0072%. Historically, negative Funding Rates suggest the asset may be undervalued compared to trader positioning. This often attracts investors and institutions to add long positions, anticipating potential upside.
Several liquidity clusters at $40 affirm it as a key target
Liquidity data highlights significant liquidity clusters sitting around the $40 psychological level. These zones typically attract price movement as markets seek to clear resting orders. If bullish momentum continues and the current structure holds, traders may target this level in the near term.
As it stands, the combination of record RWA trading activity, rising token momentum, and negative Funding Rates suggests that HYPE remains in a strong speculative phase. The next move will likely depend on whether buyers can maintain control as the market approaches its recent highs.
Final Summary
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Hyperliquid’s RWA trading surges past $1.3 billion in OI, highlighting growing demand for 24/7 tokenized markets.
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HYPE has rallied 48% from trend line support, with $40 liquidity clusters emerging as the next major target.
Kelvin Murithi
JournalistKelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors.
