The tremors of Hyperliquid’s latest expansion into tokenized assets are starting to show up in market trends.
The recent introduction of the Pre-IPO Perpetual Market (IPOP), along with new highs in the Real World Asset Open Interest (RWA) level, have been instrumental in driving the price of HYPE higher over the past 24 hours. This also generated new buying activity, 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.
Latest Catalyst Attracts New Capital
Hyperliquid has worked for much of this year to diversify away from crypto-based trading.
With the launch of its new IPOP marketplace, traders can now trade with pre-IPO companies using perpetual contracts, as action on real-world tokenized assets continues to heat up. These two factors combined have helped broaden the exchange’s appeal to users who are not part of the usual crowd.
The impact of these developments is also felt instantly in the market. Not only did trading volume increase over the past 24 hours, but the network’s open interest also saw gains of over $0.5 billion to $2.13 billion.
Momentum remains firmly on the buyers side
Technically, HYPE’s market structure was tilted in favor of the bulls at press time. The altcoin appears to be comfortably above its major moving averages, preserving the bullish structure that has been in place since the token broke out of 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 also triggered similar signals. HYPE’s stochastic RSI was lagging at 24 after rebounding from oversold territory. Such a pattern often appears when buying pressure begins to return after a brief cooldown, giving more weight to the altcoin’s bullish strength.
Will HYPE be able to return to previous highs?
At press time, the fundamentals and technicals appeared to be aligned. Expansion into pre-IPO perpetual markets provides new motivation for investors to look at hyperliquid, while unprecedented levels of RWA trading demonstrate growing interest in the platform.
Meanwhile, increased trading volumes and positive momentum metrics could mean the breakout is gaining real participants.
The next step is to wait and see if buyers will have enough momentum to challenge previous highs. If trading continues to accumulate with the same momentum, there is still some potential for the trend to continue.
Final summary
- HYPE gained ground after Hyperliquid’s expansion into the pre-IPO perpetual markets while RWA Open Interest hit an all-time high.
- Trading volume soared 36% to $433 million as the token remained above key moving averages.
