newsbtc.com
Oil-linked trading on the decentralized exchange Hyperliquid ($HYPE) has recently surpassed $1 billion in volume within a 24-hour period, leading to a significant 10% rally in the platform’s native token, $HYPE, allowing it to outperform the top 100 cryptocurrencies by market capitalization.
In fact, oil-linked trading on Hyperliquid hit over $1.2 billion, making it the second-most traded market on the platform, just behind Bitcoin (BTC).
Hyperliquid’s Oil Contract Trading Soars
The driving force behind the recent $HYPE performance has been the CL-$USDC perpetual contract, which tracks West Texas Intermediate crude oil prices. This contract’s trading volume recently eclipsed Ethereum (ETH) trading on the platform.
The increase in activity coincides with a dramatic rise in oil futures, which jumped over 30% to nearly $120 a barrel on traditional exchanges. This spike followed escalating tensions in the Middle East that have disrupted global supply chains.
Before these developments, daily volumes for the CL-$USDC contract hovered around $21 million. However, following the recent geopolitical events, that figure skyrocketed to more than $1.2 billion as of Monday. Additionally, open interest in this contract surged to $183 million.
$150 Price Target For $HYPE
Further fueling the excitement surrounding the $HYPE rally is a bullish outlook from Arthur Hayes, co-founder of cryptocurrency platform BitMEX.
In a recent essay, Hayes set a price target of $150 for $HYPE by August 2026, asserting that Hyperliquid can continue to expand its revenue streams even if broader cryptocurrency markets experience difficulties.
While $HYPE has been on the rise, with the token retesting the $35 resistance wall, major cryptocurrencies like Bitcoin and Ethereum have shown modest recoveries during the same period. Bitcoin gained approximately 2.5%, while Ethereum saw a slightly higher increase of 3.4%.
Analyzing $HYPE’s daily trading chart reveals critical support levels that investors should watch. Key support zones are anticipated around $32, $29, and $28, with the latter acting as a significant accumulation point over the past two weeks.
Featured image from OpenArt, chart from TradingView.com