Hyperliquid outperforms other major coins, eyes further gains

Key takeaways

• HYPE is up 10% in the last 24 hours, outperforming the other major cryptocurrencies.
• The coin could surge towards the $50 psychological level in the near term.

Hyperliquid (HYPE) nears $40 as US-Iran ceasefire boosts market sentiment

HYPE, the native coin of the Hyperliquid DEX, is approaching the $40 mark on Wednesday, extending its recovery linked to the US-Iran ceasefire. 

Retail demand for HYPE continues to rise, driving increased futures Open Interest amid a broader market rally. Technically, HYPE has broken out of a falling channel pattern on the 4-hour chart, signaling a bullish near-term outlook.

Throughout the US-Iran conflict, Hyperliquid showed resilience, with its 24/7 trading platform for crude oil and other commodities gaining traction during the crisis. The ongoing recovery in the crypto market, driven by the ceasefire, has increased anticipation for HYPE’s recovery.

According to CoinGlass data, HYPE futures Open Interest (OI) reached $1.64 b...