 ▲ Hyperliquid (HYPE)/ChatGPT-generated image © |
As geopolitical tensions stemming from the Middle East send international oil prices into turbulence, investors seeking to trade crude oil futures around the clock are flocking to decentralized exchanges, driving Hyperliquid (HYPE) to a explosive weekly rally of more than 20%.
According to investment outlet FXStreet on March 12 (local time), Hyperliquid’s price rose 3% on Thursday, extending the previous day’s recovery. Despite efforts by the International Energy Agency to stabilize oil prices, growing concerns over supply constraints in the Strait of Hormuz have intensified volatility in crude trading. This surge in demand from both institutional and retail investors has strengthened Hyperliquid’s position as a real-asset trading platform.
Hyperliquid’s rally is being fueled by the expansion of its real-world asset-backed perpetual futures market. Through the introduction of Hyperliquid Improvement Proposal 3, the platform now allows users to launch perpetual futures by staking 1 million HYPE tokens. As a result, open interest in major real-asset-backed contracts has soared to $1.33 billion. Open interest has spiked particularly on weekends when traditional financial markets are closed, underscoring strong demand for the platform as an alternative exchange.
Notably, 24-hour trading volume for crude oil on the decentralized exchange surpassed $1.17 billion, highlighting the platform’s explosive demand. Fueled by this overwhelming trading activity, Hyperliquid generated a substantial $54.39 million in revenue over the past 30 days. This performance surpasses both Pump.fun and the Tron ecosystem, firmly placing Hyperliquid first in protocol revenue rankings among crypto projects excluding stablecoins.
From a technical perspective, strong bullish momentum is also evident. The price has extended gains after breaking above $35.47, which had acted as a resistance level multiple times since last November. Currently trading well above the 50-day, 100-day, and 200-day exponential moving averages, the asset is trending sharply upward, with the potential for a golden cross formation increasing. If it decisively breaks and holds above the psychological resistance level of $40, the groundwork could be set for a vertical surge beyond last October’s high of $48.91 and toward the $50 mark.
Technical indicators are likewise signaling a buying advantage. On the daily chart, the Moving Average Convergence Divergence (MACD) indicator is expanding in positive territory and rising above the signal line, suggesting a strong uptrend. The Relative Strength Index (RSI) stands at 67, maintaining solid upward pressure just before entering overbought territory. Should profit-taking trigger a pullback, the $35.47 level—recently flipped from resistance to support—and the 200-day exponential moving average at $32.06 are expected to serve as key defensive zones.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on this information. The content should be interpreted solely for informational purposes.