After a 58% gain in 72 hours, how high can the HYPE price go?

HYPE (HYPE), the native token of Hypeliquid, is up 23% in the last 24 hours to trade at $33. The altcoin has gained 58% in the past three days as commodity trading on Hyperliquid pushed it to new highs.

Main Receptors:

HYPE surged over 57% in 72 hours, driven by heavy commodity trading in Hyperliquid HIP-3 DEXs.

HYPE price breaks out of multi-month downtrends, looks at $50 next.

HYPE open demand reaches 50%

HYPE's rally over the past few days has been accompanied by significant changes in other derivatives markets. According to data from Coinglass, more than $34 million of leveraged HYPE positions have been liquidated in the past 72 hours, with $32.2 million representing short liquidations.

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Its open interest (OI) rose 48.7% to $1.82 billion on Wednesday over the same period, indicating a return to derivatives traders. An increase in futures OI with its price indicates growing demand from investors, which is generally seen as positive during bullish periods, as it increases liquidity.

Investor interest came on HYPE as the hyperliquid HIP-3 decentralized exchanges (DEXs) recorded a new milestone, with OI rising to $935 million on Wednesday.

Daily trading volume across all HIP-3 DEXs also set a record at $1.78 billion.

“Hyperliquid has quietly reached a milestone in becoming the world's most liquid place to find crypto value,” Hyperliquid CEO Jeff Yan said in an X post on Monday, adding:

“Leading HIP-3 teams, HyperLiquid has also become the most liquid position on Tradfi's assets.”

The increase in trading volume can be attributed to the increased demand for commodities including gold and silver. For example, Silver saw more than $1.25 billion in 24-hour trading volume on Monday, making it the third-highest trading volume on HyperLiquid after Bitcoin and Ether.

Trading activity on the HIP-3 has come amid gains in precious metals, with gold and silver both continuing to hit new records over the past few months.

Gold broke the $5,000 mark for the first time in its history, and silver topped $100 for the first time on Tuesday, January 23, hitting a high of $117 an ounce.

HYPE price to $50 next?

HYPE confirmed the formation of a multi-month falling wedge pattern, a setup that is often signaled as a bullish reversal.

The gap occurred when the price rose above the upper line of the wedge and the 50-day simple moving average, both of which now serve as strong support points near the $25 zone.

The difference is with a notable increase in trading volume (up 73% in the last 24 hours), which suggests that new buying interest and a new bullish phase may be about to begin.

HYPE could enter an upside target of $49.8, indicating a 45% upside from current price levels.

This is consistent with the Whale Factor reversal target around $50 based on the results of the multi-month downtrend and Fibonacci retracement analysis.