Hyperliquid (HYPE) has emerged as a rare bright spot among large-cap cryptocurrencies, posting a roughly 31% weekly gain to reach the $34 level even as Bitcoin (BTC), Ethereum (ETH), and most major tokens have struggled through a broader market pullback that analysts increasingly characterize as the early stages of a bear market.
What Happened: Token Surges on Platform Upgrades
Market data shows HYPE reached its highest price in more than a month earlier this week. The token gained approximately 17% over two weeks, 13% over the past month, and 8% year-over-year.
Bitcoin, by contrast, has fallen 12% over two weeks and dropped roughly 21% year-over-year.
Crypto analyst Elite Crypto attributed the rally to Hyperliquid's HIP-3 upgrade, which introduced permissionless perpetual contracts tied to real-world assets such as gold, silver, and other commodities. Silver-based perpetuals alone have exceeded $1 billion in daily volume on multiple occasions, according to the analyst.
Elite Crypto also noted signs of institutional accumulation, with decentralized autonomous traders steadily increasing exposure to the platform. Research firm Citrini has published bullish commentary, and speculation around a potential HYPE exchange-traded fund has added to market interest.
Also Read: Gold Vs Bitcoin Debate Grows As Investors Prepare For Post-Dollar Monetary Shift
Why It Matters: Key Technical Levels in Focus
Analyst DeFi Guru explains that HYPE is currently testing its primary descending resistance, describing recent price action as "impulsive and confidence-driven." The analyst identified $30 as a critical level to reclaim decisively, with the next major target near $35 aligning with the 0.618 Fibonacci retracement level.
Another analyst, Efloud, offered a more cautious assessment. He identified key support near $23.7 and suggested bearish setups would only be considered if market structure weakens on lower time frames, either at current levels or closer to the $38-$39 range.
HYPE has pulled back roughly 10% over the past 24 hours to around $29. Analyst Ox Kaize maps out the dip as a normal market reaction to recent developments affecting both gold and Bitcoin, suggesting a recovery in those markets could push HYPE toward $50.
A second Hyperliquid airdrop is expected soon, and Kaize believes the timing may be deliberate—distributing tokens while prices remain below peak levels could support longer-term ecosystem growth.