The post Here’s why HYPE is up over 30% today appeared on BitcoinEthereumNews.com.

HYPE’s price has rebounded after yesterday’s drop and is now set to test a key bullish pattern, which could lead to more gains ahead. Hyperliquid (HYPE) rose 32.7% to an intraday high of $12.5 on April 8, morning Asian time, while bringing its market cap back over $4 billion. Its daily trading volume was up nearly 50% over the previous day, hovering over $246 million. The recent gains have erased the losses from the past two days, which came during a broader market sell-off. That slump followed news of new U.S. trade tariffs announced by Donald Trump, sparking fears of a global trade war and dragging down the entire crypto market by over 13%. HYPE’s rally today comes as open interest climbed back above $450 million, up 20% from the day before, hinting at growing interest from derivative traders in the market. Even though the overall derivatives market is fairly calm, positive funding rates since March 25 hint that traders are still leaning bullish. Today’s gains were accompanied by an uptick in trading activity on Hyperliquid. DeFi Llama data shows that Hyperliquid saw a huge trading volume spike, up 66% over the previous day, to hit $13.05 billion. For comparison, its biggest rival, Jupiter (JUP), only hit $1.6 billion.  In total, Hyperliquid has processed over $1.22 trillion in volume so far, easily beating Jupiter’s $278.4 billion. Hyperliquid also grabbed a lot of attention after a whale dropped 4.52 million USDC into the platform and went long on ETH with 20x leverage, opening a massive trade worth around 47,253 ETH, or roughly $70 million. As for what’s next, crypto analyst Glitch noted HYPE is testing a key resistance level between $11.7 and $12.5. If it breaks above that, he thinks it could flip it to support and rally all the way…

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Filed under: News - @ April 9, 2025 6:17 am