HYPE cryptocurrency has experienced a significant price surge, driven by positive market sentiment and robust on-chain metrics.
HYPE has witnessed a substantial surge in the past 24 hours, achieving a gain of over 16%. This impressive rally adds to its weekly ascent of 14.29%. AMBCrypto's analysis suggests that despite the current market challenges, HYPE possesses a high likelihood of attaining a new all-time high as market sentiment increasingly favors bullish trends.
HYPE's significant upward movement in the past 24 hours followed a breakout from a crucial resistance level, marked by a Fibonacci level on the chart at $25.08. The price is now poised to challenge its January peak at $27.05. If the prevailing market momentum persists, HYPE is likely to surpass its monthly high and venture toward even greater heights. However, its upward trajectory may encounter resistance at specific points on the chart, namely at $27.115, $29.148, and $32.043.To ascertain whether the current market sentiment will sustain HYPE's pursuit of new market highs, AMBCrypto delved into additional metrics, which point toward a high probability of success. Data from DeFiLlama reveals a consistent decline in the growth of HYPE's total value locked (TVL) over recent days, establishing new lows and maintaining that level. TVL serves as a gauge of liquidity flowing into protocols and typically reflects market sentiment toward an asset. A surge in TVL signifies market confidence, while a decline indicates a potential downturn. However, within the past 48 hours, a directional shift has occurred, with HYPE's TVL aiming to reach a new high, currently standing at $1.651 billion, up from a low of $1.48 billion on January 28th.Concurrently, there has been a notable increase in fees generated over the past 24 hours, rising from $1.5 million to $2.0 million. The growth in fees indicates heightened utilization of protocols within the ecosystem, a positive development that HYPE directly benefits from. Increased usage tends to exert a positive influence on an asset's price and suggests the potential for sustained upward momentum.According to Artemis' ranking of the top 10 perpetual protocols in the market, HYPE takes the lead, outperforming its competitors. Over the past seven days, the total trading volume across these prominent perpetual protocols reached $43.6 billion, with Hyperliquid accounting for a substantial 56.0%, recording a trading volume of $24.2 billion during this period. Should this trading volume continue to escalate, alongside transaction fees and TVL, HYPE is well-positioned for a sustained upward trajectory in the market and may even overcome major obstacles marked on the chart
HYPE Cryptocurrency Price Surge Market Sentiment Defillama TVL Trading Volume
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