BULLISH 📈 : Hyperliquid gains 31% amid market pullback, analysts predict growth

Hyperliquid (HYPE) is gaining attention as a strong performer in the cryptocurrency market, despite broader market challenges.

HYPE has surged 31% over the past week, reaching around $34, the highest in over a month. Over two weeks, it's up 17%, and it recorded gains of 13% over 30 days and 8% year-over-year.
In contrast, Bitcoin declined by 12% over two weeks, 4% over the past month, and 21% year-over-year.
The rise is attributed to Hyperliquid’s HIP-3 upgrade, which introduced permissionless perpetual contracts linked to real-world assets like gold and silver. Trading volumes have exceeded $1 billion daily for silver-based contracts.
Institutional investors are reportedly increasing exposure to Hyperliquid, with interest also driven by speculation about a potential HYPE exchange-traded fund (ETF).

Technical Analysis

HYPE is testing key resistance levels. A move above $30 could target $35, aligning with a significant Fibonacci retracement level.
Support is identified near $23.7, crucial for sustaining the rally. Short-term resistance has been reached, and further bearish signs may lead to short-side setups.
Recently, HYPE pulled back by 10% to approximately $29 due to market reactions involving gold and Bitcoin.

Future catalysts include an anticipated second Hyperliquid airdrop, which might support ecosystem growth by distributing tokens while prices are lower.