Hyperliquid climbed more than 10% this week, recovering from a low near $39 to an intraday high above $43 before settling around $42. That move restored $40 as a closely watched support level. The rebound came alongside stronger activity on the platform, giving the price move a clear trading-driven backdrop.
Commodities Perpetuals Push Activity Higher
A large share of the recent momentum came from commodities perpetuals. Oil contracts alone reached $1.2 billion in daily volume, a sign that user participation on the venue has expanded sharply. Silver trading also contributed to the increase. The report ties that growth to the HIP-3 framework, which has been supporting broader platform usage and deeper liquidity.
ETF Developments Bring More Institutional Attention
Institutional interest added another layer to the move. Updates linked to ETF filings from major asset managers drew fresh attention to the token, according to the source material. Those developments have led market participants to track Hyperliquid more closely, especially as they point to wider acceptance and possible links with traditional financial channels.
Whale Buying Nears $200 Million in a Month
On-chain data showed that large holders accumulated close to $200 million worth of tokens over the past 30 days. Sustained buying from large wallets is often watched for its effect on price stability during volatile periods. In this case, the accumulation trend suggests that high-value participants have maintained confidence while the token traded back above $40.
Daily Revenue and Buybacks Support Market Demand
Hyperliquid is generating about $1.7 million in daily revenue, placing it ahead of several rivals named in the source only in relative terms. A large share of that income feeds a buyback mechanism. As much as 97% of fees can return to the market through token purchases, creating a steady source of demand over time.
Rising Wedge Keeps $50 Upside and $40 Risk Level in View
Technically, the token remains inside a rising wedge pattern, with higher highs and higher lows still intact. The structure is tightening, though. Supertrend remains positive, and RSI has moved back above neutral, pointing to stronger momentum than earlier in the move. If buyers keep control, price could push toward $50. A break below $40 would weaken the setup and shift attention to $35.