Hyperliquid coin (HYPE) is making headlines after a strong price rally sparked by Binance’s latest listing announcement. The HYPE coin, blockchain’s native cryptocurrency, surged over 14% in the past 24 hours as market sentiment turned bullish.
Binance Fuels HYPE Coin Momentum
The price of Hyperliquid coin (HYPE) spiked on Monday and into early Tuesday during European trading hours, nearing its all-time high of $40 and reaching $36.93 before experiencing a minor correction, according to CoinMarketCap data.
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The rally followed an announcement by Binance.US, the U.S. arm of the crypto exchange, stating it would list HYPE coin on its spot trading platform. The exact listing date has not yet been disclosed.
HYPE coin is now just 9.3% away from retesting its all-time high of $39.93, which was set on May 26, only eight days ago.
Historically, coins listed on Binance often experience significant price surges, with some studies suggesting an average post-listing increase of 63.6%.
This latest announcement comes shortly after Binance Futures introduced HYPE perpetual contracts with up to 75x leverage, signaling rising retail and institutional demand for Hyperliquid coin.
What Is Hyperliquid Coin?
Hyperliquid coin is the native token of the Hyperliquid blockchain, a custom Layer 1 chain built for high-performance trading. Unlike general-purpose blockchains, Hyperliquid focuses on decentralized derivatives and offers a gasless, order book-based trading experience.
Hyperliquid exchange has recently surpassed dYdX in trading volume and reported $244 billion in volume during May, equivalent to 10% of Binance’s $2.4 trillion monthly derivatives volume.
The project recently hit a $12 billion market cap, overtaking Sui (SUI), and now ranks as the 11th-largest cryptocurrency by market cap.
Momentum was further boosted by notable trader James Wynn, whose long and short positions reportedly helped drive Hyperliquid to an astounding $8.6 billion in daily volume last week.
HYPE Coin Technical Analysis: Is $40 Next?
From a technical standpoint, Hyperliquid coin is showing sustained bullish momentum:
On the daily chart, HYPE coin has flipped former resistance around $32 into support. The RSI stands at 64.93, just below the overbought threshold (70). It recently touched 70.5, indicating strong buying pressure, but has slightly cooled, often a healthy sign in an ongoing uptrend.
The MACD line is slightly below the signal line, and the histogram is red, suggesting momentum is slowing and that a short-term consolidation or minor pullback may occur.
However, since the MACD gap is small and remains in positive territory, the broader trend remains bullish. Based on current indicators, Hyperliquid coin’s short-term targets of $40 and potentially $45 may be achievable.
On the Flipside
- HYPE coin open interest (OI) dropped by 7.94% over the past 24 hours, according to CoinGlass. This suggests that traders are closing positions, likely to lock in profits following the recent rally.
Why This Matters
The upcoming Binance listing marks a major milestone for Hyperliquid, potentially boosting visibility, liquidity, and integration of the Hyperliquid coin (HYPE) coin into the wider DeFi ecosystem.
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People Also Ask:
Hyperliquid is a high-performance Layer 1 blockchain and decentralized derivatives exchange (DEX) designed specifically for scalable, lightning-fast crypto trading without relying on any external chains like Ethereum or Solana.
Hyperliquid blends the speed and features of centralized exchanges with the security of DeFi. It runs on its own Layer-1 blockchain, offers low fees, fast trades, and supports advanced tools like perpetual futures. The native token, HYPE, was launched through an airdrop in 2024.
Hyperliquid ensures safety by recording every trade and order directly on its public blockchain. It uses HyperBFT, a secure proof-of-stake system, to keep transactions both fast and reliable.
HYPE, the native coin of the Hyperliquid Layer 1 blockchain, is designed for high-performance decentralized applications (dApps) with a focus on speed, scalability, and user-friendly interfaces.
Hyperliquid Labs was founded by Harvard classmates Jeff Yan and Iliensinc. The team features top talent from institutions such as Caltech, MIT, Citadel, and Hudson River Trading.
