Hyperliquid’s HYPE token jumped 8% on March 12, reaching $37.3, its highest level in four weeks. Based on data cited by crypto.news, the token has rebounded 45% from its February low and now trades 81% above its lowest point this year. The move came with stronger participation: 24-hour trading volume climbed 42% to about $437 million, while market capitalization stood at $8.86 billion.
The rally has tracked rising activity in derivatives. CoinGlass data showed open interest in HYPE up 10%, pointing to fresh futures positioning as a key driver of the latest advance. A large part of that increase has come from energy-linked trading, especially the WTI perpetual contract that tracks West Texas Intermediate crude oil.
WTI oil perp becomes the busiest HIP 3 contract
That shift came as oil markets turned volatile on geopolitical tensions in the Middle East involving the U.S., Israel, and Iran. The report also noted market attention on Iranian comments related to the Strait of Hormuz. As price swings intensified, derivatives traders moved quickly, and WTI oil futures became the most active HIP 3 contract on Hyperliquid, overtaking gold and silver contracts that had previously led activity on the platform.
Open interest in the oil-linked product also expanded sharply over the same period. At the broader platform level, Hyperliquid’s HIP 3 permissionless perpetuals market has now recorded more than $1.2 billion in total open interest. The article said some traders are also using Hyperliquid as a 24/7 venue to trade geopolitical headlines when traditional exchanges such as CME and ICE are closed over the weekend or outside regular hours.
Chart pattern points to a move above $40
On the 4-hour chart, HYPE has broken out of an inverse head-and-shoulders pattern that had been forming since mid-February. The article described the setup as a bullish reversal signal, with the breakout reinforcing the current uptrend. Using the height of that formation, the report placed the next upside target at $41.7, above the $40 psychological level.
Momentum indicators in the article also leaned positive. MACD lines were still rising and remained above the zero line, suggesting buyers kept control of the market. The Chaikin Money Flow reading was 0.16, a sign that capital was still moving into the token. The source added that the piece was for educational purposes and did not constitute investment advice.