Hyperliquid's native token HYPE is on fire, surging 24% in the last 24 hours to reach $27.99 amid explosive trading activity. The rally kicked off after news broke that the platform's HIP-3 open interest smashed an all-time high of $790 million, signaling massive trader confidence in this decentralized perpetuals powerhouse.​

Breaking the Record

Hyperliquid, the layer-1 blockchain built for high-speed derivatives trading, just notched a historic win with HIP-3 open interest peaking at $790M. This upgrade, which rolled out advanced perpetual futures features earlier this year, has transformed the platform into a go-to for leveraged bets on everything from BTC to altcoins. Daily volume spiked to over $500 million, dwarfing its 214 million average, while HYPE's market cap climbed past $9.37 billion.​ Traders piled in as the token broke out of a multi-week falling wedge pattern, with day highs touching $28.25 after opening at $24.91. That's a whopping $2.70 gain, pushing past key resistance at $25.34, the 50-day moving average. Year-to-date, HYPE's up from lows of $9.33, though still shy of its $59 peak.​

Bullish Momentum

MACD lines crossed bullishly, and RSI climbed into overbought territory without flashing reversal signals yet. Volume exploded 133% above average, confirming real buying pressure. Short-term holders flipped long after dipping to $21.44 earlier this month, with recent lows at $23.26 on January 25 giving way to this breakout. Broader market context helps too. Bitcoin's steady grind above $88K and Ethereum's $2,970 hold have lifted perp DEXes like Hyperliquid, which boasts sub-second finality and zero-gas trades via its custom HyperBFT consensus. Open interest at $790M now rivals centralized giants, proving DeFi's edge in liquidity and speed.​

Why Traders Are All In

Enhanced liquidity pools and lower fees drew whales betting big on 50x leverage without CEX custody risks. Community buzz on X lit up post-announcement, with influencers calling it "the new dYdX killer." Institutional eyes are turning too, as Trump's pro-crypto policies keep sentiment sky-high. A pullback to $25 support isn't off the table if broader crypto cools, but momentum suggests $30 next if OI holds. Hyperliquid's TVL has ballooned 300% YTD, cementing its spot in DeFi's top tier.

What's Next for HYPE?

This surge caps a wild January: from $24.20 early-month lows to today's highs, HYPE's outpaced most alts. Analysts eye $29 short-term if resistance cracks, with 2026 forecasts averaging $24-28 but upside to $30+ on adoption. For traders, it's simple: Hyperliquid's turning hype into infrastructure.