HYPE price prepares a 51% jump as Hyperliquid volume soars

Hyperliquid, the largest player in the decentralized perpetual futures trading industry, is performing well as its volume surges. Hyperliquid ( HYPE ) token rose by over 10% on January 12, even as other popular cryptocurrency prices declined. The token reached $23.10, its highest level since Sunday. The surge is likely due to Hyperliquid’s dominant market share in the futures trading industry. According to DefiLlama , the network has processed over $747 billion in futures trades since its inception. Its 24-hour volume stood at $12 billion, bringing its seven-day total to $73 billion. This makes it significantly larger than Jupiter ( JUP ), the second-biggest player in the industry, which handled $2.61 billion in the last 24 hours and $11.65 billion over the past week. On Monday, Hyperliquid’s daily volume reached a record high of $22 billion—an impressive leap from the $640 million it handled on the same day last year. All-time highs two days in a row: Hyperliquid reached >$22B in 24h volume pic.twitter.com/KSV0dvKmZm — Hyperliquid (@HyperliquidX) January 21, 2025 This increase was largely driven by the surging volume of newly launched meme coins like Official Trump ( TRUMP ) and Melania ( MELANIA ). These two tokens achieved multi-billion dollar market caps ahead of Donald Trump’s inauguration . You might also like: Official Trump meme coin price craters as whales dump Chart points to more HYPE price surge HYPE price chart | Source: crypto.news Since December 21, when HYPE peaked at $35.10, it has formed a falling wedge chart pattern. A falling wedge is characterized by two trendlines connecting an asset’s lower lows and lower highs. A bullish breakout typically occurs when the two lines converge. This breakout happened on January 14, as the price rose to test the resistance level at $24.43. The token then executed a break-and-retest pattern, pulling back to the upper side of the wedge before resuming its upward momentum. A break-and-retest is a key continuation pattern, signaling potential further gains. Additionally, HYPE has formed a small inverse head and shoulders pattern, which is often a bullish reversal signal. As a result, HYPE is likely to see a strong bull run if it moves above the $24.43 resistance level. Should this happen, the next target to watch would be $35, its December high, representing a 51% increase from the current price. You might also like: Tezos activates Quebec upgrade, improving speed and network efficiency