Hyperliquid Price Eyes $59 as Perpetual DEX Volume Spikes to $9.47 Billion

Highlights:

• The Hyperliquid price is holding above the support zone, currently up 3% to $49.
• Hyperliquids Perp DEX volume has spiked to $9.47 billion, increasing the demand for HYPE. 
• Bulls target a breakout above $50, which could see Hyperliquid price reclaim the $59 high. 

The Hyperliquid price has shown significant strength, as it attempts to push back to $59, currently up 3% to $49. The daily trading volume is showing notable signs of life, spiking 5% to $438 million, signaling increased trading activity. Meanwhile, the hype surrounding the Hyperliquid price is evident, as the asset has soared 18% over the past week and 10% in the past month. Will the current momentum hold, pushing HYPE to $59 previous ATH?

HYPE Perp DEX Volume and Defi TVL Outlook

The Hyperliquid blockchain is rapidly gaining traction in the decentralized finance (DeFi) scene. The Perpetual Contracts Volume at Hyperliquid has risen to $9.47 billion in 24 hours compared to the $4 billion recorded on Saturday. The massive increase in perpetual contract volume, in other words, has heightened the importance of this platform in the derivatives game.

Traders are seeking a leveraged position in digital assets. The perpetual volume is intensively increasing, similar to Hyperliquid’s overall Stablecoins Market Cap. The $5.929 billion indicates that much of the liquidity is stablecoin-supported, which adds to greater reliability and increased safety for users.

The bridged TVL of $11.079 billion on the platform shows the interconnectivity and importance of Hyperliquid in the decentralized finance ecosystem. The performance of the ecosystem reflects its capacity to attract significant liquidity inflows and user activity. 

On the other hand, the positive sentiment surrounding HYPE is accompanied by a subsequent rise in the DeFi Total Value Locked (TVL). It measures the value of all the coins found in smart contracts on the protocol.

Currently, the value of TVL is $2.34 billion, which is 5% higher in the last 24 hours and 13% higher since Friday.  Investors typically send their assets to smart contracts to help secure the network and earn rewards. They have confidence in the token and the ecosystem it represents. Thus, a continued increase in TVL would strengthen Hyperliquid’s bullish sentiment as selling pressure begins to ease in the open market.

Hyperliquid Price Forecast: Bulls Eye $50 Breakout

The Hyperliquid price is surrounded by positive sentiment, as the whole crypto market is green. The 50-day Simple Moving Average (SMA) sits at $47.90. The price is hovering just above that level, indicating potential breakout, with eyes on the next big move above the $55-59 resistance zone.

The rising trendline indicates bullish momentum, and the $49.90 resistance level suggests that sellers are becoming exhausted.  Breaking above the $50 level can get HYPE a breakout to reclaim the target of $59.41. The Relative Strength Index (RSI) at 51.77 is neutral-to-bullish. This signals that buying pressure for HYPE is increasing and there’s room to run. 

The key level to watch is the horizontal resistance level around $50. If Hyperliquid price breaks through with volume, it could rally to $previous $59 ATH. However, if it gets rejected, there might be a dip back to $47-$44 support zones. However, with no major overbought signals yet, this could be the start of a parabolic move.