It is quite strange that despite a surge in volatility in the wider market, Hyperliquid trading prices have continued to reverse the bearish trend, and as of writing, it was exchanging hands at $16.59 with a surge of 8.77% in the past 24 hours.
Hyperliquid has managed to move on the bullish path since the past few weeks as its prices grew nearly 19% in the past 24 days and in 30 days frame prices are up by 24.82%.
With these growing prices there are now speculations that Hyperliquid is expected to retest it’s all time high of $35.02 recorded on December 21, 2024.
What is pulling Hyperliquid in the upward direction?
After referring to the data available on TradingView it has been noted that with these initial additions HYPE/ USDT price has succeeded in surpassing its 20 and 50 days exponential moving averages, but at the same time it is below its 100 EMA of $18.38.
It is worth noting that despite these surges the prices of HYPE are in loss of 31.04% in the year to date time frame and are down by 29.30% in a quarter.
Most recently, it has been reported that Hyperliquid has surpassed Solana and Tron in terms of weekly revenue, which is terms to be one of the possible reasons backing the reversal in the trading price of Hype.
When writing, the TVL of Hyperliquid L-1 was $553.5 million and the application revenue in the past 24 hours is $1.51 million, DEXs volume is $169.77 million and preps volume is $6.76 billion.
From February 05, 2025, to March 14, 2025, the revenue of Hyperliquid has enjoyed higher highs, and around 3 to 4 times the revenue has crossed the $3 million milestone in daily frames.
The TVL was on peak from December 2024 to January 19, 2025, and after an outflow, is TVL was observed, which continued till February 05, and after this period, the TVL has once again gained the same traction.
At the beginning of February this year, a piece of astonishing news came into the spotlight, which states that Hyperliquid, the layer one blockchain network, has surpassed Ethereum in terms of weekly revenue.
If the trends continue to favor the growth in the prices of HYPE/USDT, there are higher chances that it might soon surpass the nearest resistance of $18.830, followed by the resistance of $20.957 and $24.400.
On the other hand, the probable support of Hype token is $11.945 with the next support of $9.818, and if it falls further, it might fall below $7 at $6.37.
Per the information available on the Hyperliquid explorer, the total supply of Hype token is 999,788,397, and the circulating supply is 335,021,336. At the same time, its market capitalization was $5.57 billion, which is up by 9.56% intraday, and its trading volume is $141.06 million.
