Hyperliquid (HYPE) is gaining traction with the rise in trading volume, which may signal growing interest in the asset.

According to crypto analyst Kamran Asghar, as volume increases with price action, this can be a sign of accumulation. The chart structure is very favorable to the bulls, with the asset maintaining support levels.

Source: Kamran Asghar’s X Post

Traders are now awaiting a potential parabolic move, with the $59 level being discussed as a potential next target if this momentum continues to build. 

This level is seen as a significant resistance level, and a move towards this area is seen as a potential buying opportunity as improving sentiment and strengthening technicals are seen as a potential catalyst for a significant move upwards for HYPE.

Also Read: Hyperliquid (HYPE) Breaks Key Resistance and Signals Bullish Move to $39

Technical Outlook Points to Strong Bullish Momentum

According to TradingView, HYPE displays a strong bullish breakout, where the price rises to $38.41. This breaks away from the resistance at the $34.00 mark, where there was a period of consolidation. 

Currently, the cryptocurrency is trading above the major exponential moving averages, including the 20, 50, 100, and 200 EMAs.

Source: TradingView

Technical indicators show that there is strong buying pressure, as evidenced by the relative strength index, which currently stands at 67.92. 

While this is an indication of strong buying pressure, it is also a sign that the rally may eventually need a cooling-off period. Traders need to look at the current price in relation to the 20-day EMA.

Hyperliquid RWA Growth Shows Shift to On-Chain Markets

Apart from this constructive price movement, real-world assets (RWAs) trading on Hyperliquid have experienced tremendous growth in the last two weeks, with repeated records being achieved as open interest reached above $1.3 billion and trading volumes on the weekends reached above $1.4 billion. 

This is an indication of the demand for exposure to commodities, indices, and traditional financial instruments via the always-open crypto markets.

With traditional exchanges being shut down on weekends, Hyperliquid has emerged as an important platform for 24/7 price discovery for oil, metals, and global indices, enabling traders to respond to macro events in real-time. 

According to experts, this trend represents an important step in the transition of real-world assets onto the blockchain, in line with the goal of hosting the entire world’s financial system on a decentralized infrastructure.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: Hyperliquid Reports $1.98 Million Daily Fees, Leading DEX Sector