HYPE Price Prediction as Hyperliquid’s Perps Volume Beats edgeX, Aster, Lighter Combined

Key Insights

• HYPE price has pulled back in the past few days.
• Hyperliquid’s perps volume has soared to nearly $200 billion.
• Its volume was much higher than other popular perpetual futures platform.

HYPE price has pulled back to an important support level this week as sentiment in the crypto industry waned. Hyperliquid’s token was trading at $35, down from the year-to-date high of $43.75. So, will it rebound as Hyperliquid’s perps volume rises?

Hyperliquid Perps Volume is Beating Key Peers Combined

HYPE price has pulled back despite the ongoing network growth, which happened as more users turn to Hyperliquid to trade crude oil futures amid the ongoing Iran-US war.

Data compiled by DeFi Llama shows that the network handled over $196 billion in perpetual futures transactions in the last 30 days. This volume was much higher than what all DEX networks in Ethereum, Solana, Base, and BNB Chain handled, combined.

Similarly, the amount was substantially higher than what other popular perpetual futures DEX networks like edgeX, Aster, and Lighter handled in the same period. edgeX had a volume of over $75 billion in the last 30 days, while Aster and Lighter had $71 billion and $53 billion, respectively

These numbers mean that Hyperliquid has become the biggest player in the crypto industry, where it is handling the most volume. This trend may continue in the coming weeks as the network gears to launch its prediction marketplace.

The growth is translating to fees in the network. TokenTerminal data shows that the network generated over $52 million in revenue in the last 30 days, making it the fourth most profitable platform after Tether, Tron, and Circle.

It made more money than popular players in the crypto industry, including chains like Ethereum, Solana, and BSC Chain. Also, it is now beating other popular players in the decentralized exchange (DEX) industry like Uniswap and PancakeSwap.

Hyperliquid’s growth and market share gains have accelerated in the past few weeks as more traders have used its platform to trade crude oil and gold futures, which have become highly popular during the ongoing Iran war.

HYPE Token Burn, Buybacks, and ETF Approval

The soaring fees will likely affect the HYPE price in the future because of how the network uses them.

Data shows that the network has already burned over 43 million tokens, which are currently valued at over $1.5 billion. They have also repurchased tokens worth millions of dollars in the past few months.

HTPE’s token burns and buybacks are usually highly bullish for the network because they help to offset the token unlocks. If this trend continues, the network will burn tokens worth over $500 million a year.

The other potential catalyst for the HYPE price is that several fund managers have applied for a spot HYPE ETF, which may be approved in the coming months. They include companies like Grayscale, Bitwise, and 21Shares.

HYPE ETFs will likely attract substantial inflows from investors because of its strong fundamentals, including the upcoming launch of its prediction market.

HYPE Price Analysis

The daily timeframe chart shows that the HYPE price has rebounded in the past few months. It has formed a series of higher highs and higher lows, and is now in the latter.

This pullback has brought it to the 38.2% Fibonacci Retracement level. It has also bottomed at the 50-day Exponential Moving Average (EMA), which has provided strong support over the past few weeks.

Therefore, the token will likely bounce back in the coming weeks, potentially to the year-to-date high of $43.75. A surge above that level will raise the possibility of it moving to the psychological level at $50.

On the other hand, a drop below the key support level at $32.50, the 50% Fibonacci Retracement level will invalidate the bullish outlook and point to more downside, potentially to $30.

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