The hyperliquid token (HYPE) is suddenly on fire.
The token hit an intraday high near $35 as trading activity exploded on the platform. The volume of its perpetual oil contracts has exceeded $1.4 billion, driven by rising geopolitical tensions and wild movements in energy markets.
While most of the crypto market was struggling, Hyperliquide actually benefited from the chaos. Traders piled into token oil contracts, pushing daily volume to nearly $1.39 billion, second only to Bitcoin on the exchange.
At the same time, the platform rolled out a major upgrade to its margin system. The new Portfolio Margin feature is designed to make trading more capital efficient while reducing risk during extreme volatility.
Nansen analyst Nicolai Søndergaard said dynamic scaling reduces systemic risk, making the platform safer for aggressive positioning on volatile assets.
The levels that change everything for Hyperliquid (HYPE)
HYPE still maintains strong momentum. The token is up around 5% in the last 24 hours and around 120% over the past year. Even though much of the crypto market is struggling, the chart continues to show higher lows, keeping the broader uptrend intact.
Right now, the level everyone is looking at is $35.28. This recent intraday high is the key resistance. If HYPE manages to close above on lower timeframes, the chart opens the door towards $38 and potentially the psychological level of $40.
On the downside, $32.50 is the main support. This area served as a launching pad during previous withdrawals. In the event of a breakout, the next liquidity zone is closer to $30. A further decline below $28.50 would be necessary to truly damage the bullish structure.
Part of the strength comes from growing activity on the platform itself. Open interest has soared to around $1.2 billion as traders increasingly use Hyperliquide to trade not only cryptocurrencies but also assets like oil during major global events.
As long as trading activity remains high, HYPE could continue to scale independently of the broader crypto market. But if volume declines, the token may struggle to defend the $32.50 floor.
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The article Hyperliquid Jumps Follow Margin Upgrade and 533% Oil Trading Surge appeared first on Cryptonews.
