- HYPE saw a bullish market structure break and may be set for more gains
- The decentralized exchange witnessed rising numbers of trades and new users in recent weeks
Hyperliquid [HYPE] has shed close to 4% of its value in the last 24 hours, with the token’s daily trading volume down by nearly 9% from the previous day. This, after the bullish market structure break the token achieved on 30 January as its price climbed past $23.74 on the charts.
Source: HYPE/USDT on TradingView
In a previous analysis, AMBCrypto noted that these strong gains could be the start of a larger rally.
That long-term bullish outlook has not changed yet. The RSI reflected bullishness alongside the price action. Other metrics revealed that the growth of this DEX, (decentralized exchange) equipped with its own L1, may be feasible in the coming months.
Hyperliquid leads in trading volume, registers impressive user number growth
Source: Artemis
Data from Artemis showed that Hyperliquid dominated the perpetuals protocols’ trading volume.
Of the total $713.8 billion traded in the last three months across the top 10 protocols, Hyperliquid accounted for $419.1 billion or 59.6%.
Source: DefiLlama
On the other hand, the total value locked (TVL) has steadily declined since mid-December.
The token’s volume also registered a downtrend, with some outliers such as 10 and 20 January. More importantly, the perps volume climbed higher, when compared to the second half of December.
Source: Dune
In a post on X, crypto analyst Miles Deutscher pointed out that the cumulative Hyperliquid trades and total users count have been rising swiftly. This hinted at greater adoption and a “project that found a strong product-market fit.”
Source: Dune
The volume and the number of new users also saw an uptick in December. The volume metric continued to grow over a past month – A sign of increased usage and popularity.
The steady number of new users in recent weeks, if sustained, could see more demand for HYPE and more traction for the project.
Read Hyperliquid’s [HYPE] Price Prediction 2025-26
Overall, the dominance in the perpetuals protocols trade volume and its steady growth over the last two months meant that HYPE is a promising project that is yet to reach its full potential. It is sure to garner attention from investors, especially once the price action turns more bullish.
