• HYPE flashed strong short-term bullish momentum and could be targeting $28 next
• Rising trading volume suggested the platform might be getting more popular among users

Hyperliquid [HYPE] broke the $20-mark a few hours before press time. It gained by 24.4% in the last 24 hours, with its trading volume up by 7.26% during the same period. This hike in volume and bullish price action was evidence of bullish strength.

The Hyperliquid platform has been doing well too. Its cumulative perp trading volume recently surpassed the $500 billion-mark. In fact, the leading on-chain perpetuals trading platform witnessed an average daily trading volume of over $5 billion over the past week.

An interesting development on Hyperliquid was how Ethereum’s [ETH] perp volume was greater than Bitcoin’s [BTC]. Hyperliquid stats showed that of its total Open Interest of $3.48 billion, $879.7 million was from ETH, and $588 million from BTC.

The successful airdrop and a market-fit product have led to surging HYPE prices. The trading volume of the platform was also a testament to its popularity and potential for further growth in the coming months.

At the time of writing, the market structure on the 4-hour chart remained strongly bullish too. The short-term impulse move from $15.6 to $18.75 was chosen to plot the Fibonacci extension levels since the price had subsequently tested the 50%-level.

The 23.6% extension level at $19.48 also served briefly as a resistance. The MACD reflected high bullish momentum and the moving averages were unable to keep up with the price. The next bullish targets can be plotted at $21.84, $24.93, and $28.

Read Hyperliquid’s [HYPE] Price Prediction 2024-25

HYPE is used in staking and to secure the platform’s HyperBFT (Byzantine Fault Tolerant) consensus mechanism that can theoretically handle 2 million transactions a second. It also acts as a gas token.

Hence, demand for HYPE is likely to increase as the platform grows in popularity among traders.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion