The Hyperliquid (HYPE) token is suddenly heating up.
The token climbed to an intraday high near $35 as trading activity on the platform surged. Volume in its oil perpetuals alone shot past $1.4 billion, fueled by rising geopolitical tensions and sharp swings in energy markets.
While much of the crypto market struggled, Hyperliquid actually thrived in the chaos. Traders rushed into tokenized oil contracts, pushing daily trading volume to around $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 aims to make trading more capital-efficient while helping reduce risk during periods of extreme volatility.
According to Nicolai Søndergaard, an analyst at Nansen, the system’s dynamic scaling can lower systemic risk, making the platform safer for traders taking aggressive positions on highly volatile assets.
Key Price Levels for Hyperliquid (HYPE)
HYPE is still showing strong momentum. The token is up about 5% in the last 24 hours and roughly 120% over the past year. Even as much of the crypto market struggles, the chart continues to print higher lows, keeping the broader uptrend intact.
Right now, the key level everyone is watching is $35.28. That recent intraday high is acting as the main resistance. If HYPE manages to close above it on lower timeframes, the chart could open the door toward $38 and potentially the $40 psychological level.
On the downside, $32.50 is the main support level. This zone has acted as a launchpad during previous pullbacks. If it breaks, the next liquidity area sits closer to $30. A deeper drop below $28.50 would be needed to truly weaken the current bullish structure.
Part of HYPE’s strength is coming from rising activity on the platform itself. Open interest has climbed to around $1.2 billion, showing that traders are increasingly using Hyperliquid to trade not only crypto but also assets like oil during major global events.
As long as trading activity remains strong, HYPE could continue moving independently from the broader crypto market. But if trading volume starts to fade, the token may struggle to hold the $32.50 support level.
