HYPE crypto price jumped for three consecutive days, helped by the ongoing Hyperliquid volume surge. Hyperliquid’s token rose to $60, up by 15% from its lowest point this month, and this trend may continue, especially after the SpaceX IPO boost.
SpaceX IPO boosted Hyperliquid’s volume
Data shows that Hyperliquid has become one of the fastest-growing players in the financial services industry. According to DeFi Llama, the network handled over $237 billion in the last 30 days, much more than what other popular perpetual DEX platforms like Lighter, ApeX Protocol, Grvt, and Aster, combined.
Most notably, Hyperliquid’s volume was much higher than that of all DEX platforms on Ethereum and Solana. Ethereum DEX protocols handled $35 billion in transactions, while Solana, BSC, and Base handled $46 billion, $25 billion, and $34 billion in volume, respectively.
Hyperliquid has become a popular name because of its RWA growth. For example, the data show that demand for RWA tokens continued to soar over the weekend. For example, SpaceX had a 24-hour volume of $40 million and futures open interest of $210 million. This makes it one of the most active platforms for this trading.
At the same time, crude oil futures volume jumped during the weekend as investors reacted to the latest US-Iran news. WTI futures had a $55 million volume, while Brent ones stood at $40 million. This volume rose as investors cheered the potential deal between the US and Iran.
Hyperliquid has also become a major player in other assets like S&P 500 and the Dow Jones. This is in addition to the crypto market. Some of the most popular assets during the weekend were Bitcoin, Ethereum, HYPE, and Bittensor.
Meanwhile, Hyperliquid is also benefiting from its Outcome product. Outcome is its prediction platform that has become highly popular as the World Cup continues.
HYPE ETF inflows have continued
The other main catalyst for the Hyperliquid price is the ongoing demand in the ETF market. Data shows that the recently launched HYPE ETFs have added over $22 million in assets this month. These funds added over $132 million in the previous month.
They have now had cumulative net inflows of over $154 million, with the total net assets soaring to $174 million. These inflows are notable because Ethereum and Bitcoin ETFs have shed assets in the past two months. Bitcoin ETFs have lost over $2.4 billion in assets this month, while Ethereum funds lost close to $200 million.
READ MORE: Will renewed retail interest push Hyperliquid towards $60?
HYPE price technical analysis
Hyperliquid price chart | Source: TradingView
The daily chart shows that the HYPE price has rebounded in the past few months, moving from a low of $20 to a record high of $75. A closer look shows that it has formed a cup-and-handle pattern, a common bullish continuation sign in technical analysis.
The C&H pattern has a depth of 63%. As a result, measuring the same distance from the cup’s upper side gives it a target of $100. This view will be confirmed if it moves above the year-to-date high of $75. On the other hand, a move below the support at $52 will invalidate the bullish outlook.
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