The repercussions of Hyperliquid’s recent expansion into tokenized assets are beginning to show in market trends.
The recent launch of the Pre-IPO Continuous Market (IPOP), along with new highs in the Open Interest level for real-world assets (RWAs), has been instrumental in driving up the price of HYPE in the last 24 hours. This brought new purchasing activity, leading to a 36% increase in daily volume to $433 million.
The question now is whether the recent rally has enough support to continue.
Latest catalyst attracts fresh capital
Hyperliquid has been working to move away from crypto-based trading for much of this year.
With its new launch IPOP Markettraders can now trade pre-IPO companies using perpetual contracts, and action in tokenized real-world assets continues to increase. The combination of these two factors has helped broaden the exchange’s appeal to users who are not part of the usual crowd.
The impact of the developments is immediately visible in the market. Not only has the trading volume increased in the last 24 hours, but the network’s Open interest has also increased from $0.5 billion to $2.13 billion.
Momentum remains firmly with buyers
Technically HYPE’s market structure leaned in favor of the bulls at press time. The altcoin appears comfortably above its major Moving Averages, maintaining the bullish structure that has been in place since it broke above its long-term descending channel earlier this year.
At press time, the token was trading above the 20-day Simple Moving Average at $68.25.
Momentum indicators also gave rise to similar signals. HYPE’s Stochastic RSI was hovering around 24 after recovering from the oversold zone. Such a setup usually occurs when buying pressure begins to return after a short waiting period, giving greater weight to the altcoin’s bullish strength.
Can HYPE return to its previous highs?
At press time, fundamentals and techniques appeared to be in sync. The expansion into permanent markets pre-IPO provides new motivation for investors to pay attention to Hyperliquid, while RWA trading at unprecedented levels is evidence of growing interest in the platform.
Meanwhile, the increase in trading volumes and positive momentum metrics could mean that the breakout is gaining real participants.
The next step will be to wait and see if buyers will have enough momentum to challenge the previous highs. If trade continues to accumulate with the same dynamics, there is still some potential for the trend to continue.
Final Summary
- HYPE gained ground following Hyperliquid’s pre-IPO expansion into perpetual markets and RWA Open Interest hit a record high.
- Trading volume increased by 36% to $433 million as the token remained above major moving averages.
