Tremors of Hyperliquid’s latest expansion into tokenized assets are beginning to show up in the market trends.
The recent introduction of the Pre-IPO Perpetual Market (IPOP), together with new highs in the level of Open Interest for real world assets (RWAs), have been instrumental in lifting HYPE’s price in the last 24 hours. This has brought new buying activity too, leading to a 36% increase in daily volume to $433 million.
The question now is whether the latest rally has enough support to continue or not.
The latest catalyst is attracting fresh capital
Hyperliquid has been working for much of this year on diversifying away from crypto-based trading.
With the launch of its new IPOP Market, traders can now trade with pre-IPO companies using perpetual contracts, with action in tokenized real-world assets continuing to ramp up. These two factors combined have helped broaden the appeal of the exchange to users who are not part of the usual crowd.
The impact of the developments are instantly showing on the market too. Not only has the volume of trades surged over the last 24 hours, but the network’s Open interest recorded gains of over $0.5 billion to $2.13 billion too.
Momentum remains firmly with buyers
Technically, HYPE’s market structure leaned in bulls’ favour at press time. The altcoin seemed to be comfortably above its major Moving Averages, preserving the bullish structure that has been in place since the token broke above its long-term descending channel earlier this year.
At the time of writing, the token was trading above its 20-day Simple Moving Average at $68.25.
Momentum indicators sparked similar signals too. HYPE’s Stochastic RSI was trailing at 24 after rebounding from oversold territory. Such a setup often appears when buying pressure starts to return after a brief cooldown, lending more weight to the altcoin’s bullish strength.
Will HYPE be able to return to previous highs?
At press time, fundamentals and technicals seemed to be aligned. The expansion into pre-IPO perpetual markets provides new motivation for investors to pay attention to Hyperliquid, while unprecedented levels of RWA trading are evidence of increasing interest in the platform.
Meanwhile, a hike in volumes of trades and positive momentum metrics could mean that the breakout is gaining real participants.
The next step is to wait and see whether buyers will have sufficient momentum to challenge previous highs. In case trading continues accumulating with the same dynamics, there is still some potential for trend continuation.
Final Summary
- HYPE gained ground after Hyperliquid expanded into Pre-IPO perpetual markets while RWA Open Interest hit a record high.
- Trading volume climbed by 36% to $433 million as the token held above key moving averages.
