Hyperliquid coin (HYPE) is capturing significant attention following a robust price rally triggered by Binance's recent listing announcement. The native cryptocurrency of the Hyperliquid blockchain surged over 14% in the past 24 hours as market sentiment turned bullish.
Binance Fuels HYPE Coin Momentum
The price of HYPE coin spiked during European trading hours, nearing its all-time high of $40 and peaking at $36.93 before a slight correction. This rally was fueled by Binance.US's announcement to list HYPE on its spot trading platform, though the exact date remains undisclosed.
HYPE coin is now just 9.3% away from retesting its all-time high of $39.93, set on May 26. Historically, Binance listings have led to substantial price surges, with studies indicating an average post-listing increase of 63.6%.
👉 Why Binance listings matter for crypto prices
What Is Hyperliquid Coin?
Hyperliquid coin serves as the native token of the Hyperliquid blockchain, a custom Layer 1 chain optimized for high-performance trading. Unlike general-purpose blockchains, Hyperliquid specializes in decentralized derivatives, offering a gasless, order book-based trading experience.
The Hyperliquid exchange recently surpassed dYdX in trading volume, recording $244 billion in May—equivalent to 10% of Binance’s monthly derivatives volume. With a $12 billion market cap, HYPE now ranks as the 11th-largest cryptocurrency.
HYPE Coin Technical Analysis: Is $40 Next?
From a technical perspective, HYPE coin exhibits strong bullish momentum:
- Daily Chart: Former resistance at $32 has flipped to support.
- RSI: Stands at 64.93, indicating strong buying pressure without being overbought.
- MACD: Suggests minor consolidation but remains in positive territory, supporting a bullish outlook.
Short-term targets of $40 and potentially $45 appear achievable based on current indicators.
On the Flipside
- Open Interest (OI): Dropped 7.94% in 24 hours, signaling profit-taking post-rally.
Why This Matters
The Binance listing could significantly enhance Hyperliquid's visibility and liquidity, integrating HYPE deeper into the DeFi ecosystem.
👉 How to evaluate crypto investments
FAQ Section
What is Hyperliquid?
Hyperliquid is a high-performance Layer 1 blockchain and decentralized derivatives exchange (DEX) designed for fast, scalable crypto trading.
What makes Hyperliquid unique?
It combines centralized exchange speed with DeFi security, offering low fees, fast trades, and advanced tools like perpetual futures.
Is Hyperliquid safe?
Yes, Hyperliquid records all trades on its public blockchain and uses HyperBFT, a secure proof-of-stake system.
Who owns Hyperliquid?
Founded by Harvard alumni Jeff Yan and Iliensinc, the team includes talent from Caltech, MIT, and top trading firms.
This article is for informational purposes only and does not constitute financial advice. Trading cryptocurrencies involves significant risk.
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