HYPE’s Meteoric Rise: Is It Just a Flash in the Pan? 🚀

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  • Ah, HYPE! It has gallantly overcome a formidable resistance level in the past 24 hours, yet more trials await.
  • Hyperliquid has taken the crown in various on-chain metrics, including a burgeoning TVL, fees, and perpetual volume. Quite the overachiever, isn’t it?

In a most astonishing turn of events, Hyperliquid [HYPE] has ascended a staggering 16% in the past 24 hours. This remarkable feat continues its weekly gain of 14.29%. One might wonder if the bulls have finally decided to don their capes!

According to the astute analysis of AMBCrypto, despite the looming obstacles, HYPE possesses a high probability of reaching new market heights as the sentiment begins to sway in favor of the bullish brigade. Who knew optimism could be so contagious?

Obstacles ahead for HYPE: Where next?

HYPE’s significant rally in the past 24 hours was sparked by breaching a major resistance level, marked by a Fibonacci level on the chart at $25.08. Now, the price is gallantly marching towards its January high at $27.05. Will it make it, or will it trip over its own ambitions?

If the current market momentum proves sustainable, HYPE is likely to cross its monthly high while aiming for even loftier heights. However, it will encounter certain resistance on the chart, specifically at $27.115, $29.148, and $32.043, as it ascends. Quite the obstacle course, isn’t it?

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Assuming the trend remains bullish, these levels would merely serve as minor retraction points before a continued upward movement. A bit of a breather, if you will.

To ascertain whether the current market sentiment can sustain HYPE in establishing new market highs, AMBCrypto delved into other metrics, suggesting a high probability. Because who doesn’t love a good probability?

Liquidity inflow and usage grows

Insights from DeFiLlama reveal a consistent decline in the growth of HYPE’s total value locked (TVL) over the days, establishing new lows and maintaining that level. A rather dramatic turn of events, wouldn’t you say?

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TVL measures the liquidity flow into protocols, reflecting market sentiment toward an asset. A surge in TVL signals market confidence, while a decline indicates a potential fall. It’s like a rollercoaster ride, but without the safety harness!

In the last 48 hours, however, a directional shift has occurred, and HYPE’s TVL is now looking to establish a new high, reaching $1.651 billion from a low of $1.48 billion on the 28th of January. Quite the comeback story!

Similarly, there’s been a delightful surge in fees generated over the past 24 hours, growing from $1.5 million to $2.0 million. When fees grow, it indicates high usage of protocols within the ecosystem, which HYPE now benefits from. A win-win situation, if ever there was one!

More usage tends to positively impact an asset’s price and indicates the potential for it to consistently surge even higher. It’s like a self-fulfilling prophecy, but with numbers!

HYPE remains dominant

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According to Artemis’ ranking of the top 10 perpetual protocols in the market, HYPE takes the lead, galloping ahead of its competitors. Quite the show-off, isn’t it?

In the past seven days, the total trading volume across these top perpetual protocols hit $43.6 billion, with Hyperliquid contributing a staggering 56.0%, recording a trading volume of $24.2 billion during this period. Talk about making a splash!

Should this trading volume continue to surge, alongside transaction fees and TVL, HYPE is well-positioned for a continued upward move in the market and could potentially surpass the major obstacle marked on the chart. The sky’s the limit, or is it?

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2025-01-30 17:16