HYPE hit resistance at $43 after rallying since late February. The token has been on a roll as its HIP-3 perpetuals platform saw a spike in commodity perpetual markets. After being rejected at $43, HYPE is still at a crucial support level that could catapult it past $50.
Traders seek commodity exposure through perps market
As geopolitical tensions in the Middle East escalated, oil prices surged significantly after Iran blocked the passage of crude oil carrier vessels through the Strait of Hormuz. Traders, as always, sought refuge in commodities during such volatile situations, but they chose to do so through perpetual markets.
As the traders scrambled to a safe haven, Hyperliquid’s HIP-3 platform, a permissionless derivatives marketplace, was the go-to solution. Trading platforms built on the Hyperliquid ecosystem, like trade.xyz, blew up in open interest and trading volume.
The cumulative trading volume on trade.xyz hit $110B, an all-time high, while the open interest reached $1.6B. The 24 hr peak volume hit $5.6B, while the daily unique traders (24 hr peak) reached 45.3k, and the peak volume for weekend trading reached $1.09B. Meanwhile, crude oil futures alone exploded from ~$21M → $1.39B daily (now the #2 most traded asset, beating Ether)
The perpetual transactions on the Hyperliquid platform kept on gradually increasing since January, as shown in the chart above. Now that it has reached a limit above $6 million on a daily basis, it fluctuates between a 6 million and 10 million daily transaction count.
HYPE hits resistance at $43 but remains on bullish terrain
The HIP-3 drove the HYPE prices higher. After recording a price of $26 back in late February, the coin is now priced at $38.40 after gaining more than 45% over the past 30 days. During this rally when the prices kept rising, HYPE hit its highest price of $43 before it was rejected at this level.
Although HYPE was rejected at $43, it is still on bullish grounds, where the momentum could pick up at any given time. Based on historical data, this support level that HYPE is currently on has produced rallies that skyrocketed the price past $50. The relative strength index (RSI) is reading a value of 58, which is neutral, and there is every chance that the coin could gain value and rise to these previous levels.
