Hyperliquid (HYPE) is testing the $35 resistance level. At press time, the token traded at $34.69, up 6.6% in 24 hours. Over the past week, price ranged between $29.61 and $35.20. The asset is 141% higher year-over-year, yet still roughly 41% below its all-time high of $59.30 from September 2025.
Trading activity has intensified. 24-hour volume reached $2.39 billion, a 21% increase from the prior day. According to Coinglass, open interest stood at $1.40 billion, down 0.22%, suggesting some profit-taking as price climbed.
Oil-Linked Perpetual Contract CL-USDC Sees Explosive Growth
The recent volume surge is largely driven by energy markets, particularly the CL-USDC perpetual tracking WTI crude oil. Escalating geopolitical tensions in the Middle East — including military confrontations involving the US, Israel, and Iran, and threats to shipping routes via the Strait of Hormuz — have sent crude prices swinging. WTI briefly traded between $110 and $120 per barrel.
Daily volume on the CL-USDC market surged from roughly $21 million to over $1.2 billion, with some sessions reaching nearly $2 billion. Open interest on the contract rose to approximately $170–$195 million. Meanwhile, Hyperliquid's HIP-3 permissionless perp market recorded total open interest above $1.2 billion.
The rapid crude price moves triggered liquidations worth roughly $40 million within 24 hours, with shorts bearing the brunt of the losses.
Platform Perp Volume Breaks $10B; Non-Crypto Markets Exceed 30%
Hyperliquid's total daily perpetual volume recently topped $10 billion. Non-crypto markets — commodities, equities, metals — accounted for over 30% of platform volume in some sessions. This demonstrates traders using the platform as a 24/7 venue to react to geopolitical events, especially during hours when traditional exchanges like the CME are closed.
Technicals: $35 is Key Breakout Level, Momentum Bullish
Chart analysis shows $35 acting as major resistance, having rejected price earlier in February. A daily close above $35 could open the path toward $38–$40. The token sits above the Bollinger Band midline (~$30), which has provided support during uptrends. Since late February, higher lows have formed, indicating buyers step in on dips. The RSI at roughly 62 remains below overbought territory. Bollinger Bands are widening, hinting at rising volatility and a potential strong directional move.
If $35 holds as resistance, price could retreat toward the $30 support zone. A successful breakout would target $38 and then $40.