How High Can HYPE’s Price Go After 58% Gains in 72 Hours?

Hyperliquid’s native token, HYPE (HYPE), is up 23% over the last 24 hours to trade at $33, significantly outperforming other top-cap cryptocurrencies. The altcoin has gained 58% over the last three days to an eight-week high of $34.50 as commodities trading on Hyperliquid surged to new highs.

Key takeaways:

• HYPE has surged over 58% in 72 hours, driven by high commodities trading on Hyperliquid HIP-3 DEXs.

• HYPE price breaks out of a multimonth downtrend, eyeing $50 next. 

HYPE’s open interest jumps nearly 50%

HYPE’s rally over the last few days has been accompanied by significant liquidations across its derivatives market. According to data from Coinglass, more than $34 million leveraged HYPE positions have been liquidated over the last 72 hours, with $32.2 million representing short liquidations. 

Related: Fundstrat’s Lee sees a crypto comeback once precious metals cool

Its open interest (OI) surged 48.7% over the same period to $1.82 billion on Wednesday, signaling the return of derivatives traders. Futures OI increasing alongside the price indicates a growing interest from investors, which is generally seen as positive during an uptrend, as it tends to increase liquidity.

Investor interest in HYPE came as Hyperliquid’s HIP-3 decentralized exchanges (DEXs) recorded a new milestone, with their OI rising to a new high of $935 million on Wednesday. 

The daily trading volume across all HIP-3 DEXs also hit a record high of $1.78 billion, as shown in the chart above.

“Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” Hyperliquid CEO Jeff Yan said in an X post on Monday, adding:

The surge in trading volume can be attributed to rising interest in commodities, including gold and silver. For instance, Silver logged over $1.25 billion in 24-hour trading volume on Monday, making it the third most traded asset on Hyperliquid behind only Bitcoin and Ether. 

The surging trading activity on HIP-3 comes amid a precious metals boom, with gold and silver both continuing to breach new record highs over the past few months.

Gold broke the $5,000 mark for the first time in its history, while silver crossed $100 for the first time on Friday and hit an all-time high of $117 per ounce on Tuesday.

HYPE price to $50 next?

HYPE has confirmed a breakout from its multimonth falling wedge pattern, a setup often viewed as a bullish reversal signal.

The breakout occurred as prices surged above the wedge’s upper trendline and the 50-day simple moving average, both of which now act as a strong support confluence near the $25 zone.

The breakout was accompanied by a notable increase in trading volume (up 73% over the last 24 hours), suggesting fresh buying interest and the possible start of a new uptrend phase.

HYPE may rally toward its wedge upside target of about $49.80, representing a 45% increase from current price levels.

A sustained move back below the $25–$27 support zone would invalidate the breakout setup and signal a potential return to range-bound trading.

That aligns with Whale Factor’s upside target around $50, based on a breakout from a multimonth downtrend and Fibonacci retracement analysis.