Hyperliquid, the largest player in the decentralized perpetual futures trading industry, is performing well as its volume surges.
Hyperliquid (HYPE) token rose by over 10% on January 12, even as other popular cryptocurrency prices declined. The token reached $23.10, its highest level since Sunday.
The surge is likely due to Hyperliquid’s dominant market share in the futures trading industry. According to DefiLlama, the network has processed over $747 billion in futures trades since its inception.
Its 24-hour volume stood at $12 billion, bringing its seven-day total to $73 billion. This makes it significantly larger than Jupiter (JUP), the second-biggest player in the industry, which handled $2.61 billion in the last 24 hours and $11.65 billion over the past week.
On Monday, Hyperliquid’s daily volume reached a record high of $22 billion—an impressive leap from the $640 million it handled on the same day last year.
This increase was largely driven by the surging volume of newly launched meme coins like Official Trump (TRUMP) and Melania (MELANIA). These two tokens achieved multi-billion dollar market caps ahead of Donald Trump’s inauguration.
Chart points to more HYPE price surge
Since December 21, when HYPE peaked at $35.10, it has formed a falling wedge chart pattern. A falling wedge is characterized by two trendlines connecting an asset’s lower lows and lower highs. A bullish breakout typically occurs when the two lines converge.
This breakout happened on January 14, as the price rose to test the resistance level at $24.43.
The token then executed a break-and-retest pattern, pulling back to the upper side of the wedge before resuming its upward momentum. A break-and-retest is a key continuation pattern, signaling potential further gains. Additionally, HYPE has formed a small inverse head and shoulders pattern, which is often a bullish reversal signal.
As a result, HYPE is likely to see a strong bull run if it moves above the $24.43 resistance level. Should this happen, the next target to watch would be $35, its December high, representing a 51% increase from the current price.
