Hyperliquid Price Eyes $35 Breakout Amid Surge in Oil-Linked Perpetual Contracts

Hyperliquid’s price is approaching the $35 mark as trading in oil-linked perpetual contracts experiences a surge, leading to record trading volumes and attracting interest from institutional investors.

Key Takeaways

Hyperliquid is currently trading at $34.69, up 6.6% in 24 hours.
The token’s price has hovered between $29.61 and $35.20 in the last week.
A breakout past $35 could lead to further gains toward the $38-$40 range.
Oil-related trading activities are significantly influencing Hyperliquid’s market.
Daily trading volume reached $2.39 billion, a 21% rise from the previous day.

Chart showing Hyperliquid price

The current price of Hyperliquid is $34.69, reflecting a 6.6% increase over the previous day. The token has fluctuated between $29.61 and $35.20 during the past week, and its recent rally suggests a potential breakout may be on the horizon. With significant trading volume of $2.39 billion in the past 24 hours, and a strong performance across various timeframes, Hyperliquid continues to gain momentum.

A Surge in Oil-Linked Trading Activity

A considerable portion of Hyperliquid’s recent trading surge can be attributed to the energy markets, specifically the CL-USDC perpetual contract, which tracks West Texas Intermediate (WTI) crude oil. In recent days, oil trading volume on the platform has increased sharply in response to escalating geopolitical tensions in the Middle East. Reports of military conflicts involving the US, Israel, and Iran—along with potential threats to supply routes via the Strait of Hormuz—have intensified concerns in the oil market.

Consequently, WTI crude oil prices have spiked, briefly reaching between $110 and $120 per barrel, leading to increased trading activity in the CL-USDC market. Daily trading volumes surged beyond $1.2 billion, with sessions fluctuating between $1.15 billion and almost $2 billion. Prior to these geopolitical events, daily trading for the contract hovered around $21 million.

Open interest in the oil-linked contracts has surged to approximately $170-$195 million, while the HIP-3 permissionless perpetuals market on Hyperliquid has recorded over $1.2 billion in total open interest. The volatile price movements in crude oil have resulted in liquidations, with around $40 million in positions being wiped out within 24 hours, predominantly affecting short sellers during the rally.

Overall, trading activity across the platform has expanded, with Hyperliquid’s total daily perpetual volume recently exceeding $10 billion. Non-crypto markets like commodities, equities, and metals now comprise a larger portion of the platform's trading, in some instances constituting over 30% of total volume. This trend highlights how traders are increasingly turning to Hyperliquid as a 24/7 platform to react to geopolitical developments, particularly when traditional exchanges like the Chicago Mercantile Exchange are closed.

Technical Analysis of Hyperliquid’s Price Action

From a technical standpoint, Hyperliquid is testing a key resistance level near $35. This level is significant as it previously rejected the price back in February.

Hyperliquid daily chart. Credit: crypto.news

A daily close above $35 could suggest a breakout, potentially leading to further price action toward the $38-$40 range. Current momentum indicators signal a bullish trend, with the token trading above the Bollinger Band midline at around $30, which has provided short-term support in upward trends. Since late February, the price has established a pattern of higher lows, indicating that buyers are actively stepping in during dips.

The relative strength index (RSI) stands at approximately 62, suggesting that the market is still below the overbought threshold. Additionally, volatility appears to be increasing with the widening of the Bollinger Bands, a common precursor to a significant directional move.

If Hyperliquid's price breaks above $35, the next target could potentially be $38 or even $40. However, if this level proves resistant, the token may drop back toward the $30 support level, where prior demand has been observed.