Hyperliquid (HYPE) Shows Encouraging Gains with Potential for Further Upside
Hyperliquid (HYPE) has gained approximately 8% over the past seven days, ranking among the top 20 performers and regaining its lead over Aster in the perpetuals market. According to CoinMarketCap data, Hyperliquid holds a 19.5% market share with a 24-hour trading volume of $4.9 billion, while Aster's share is under 15% with $3.7 billion in volumes.
Hyperliquid has actively worked to reduce its circulating supply by burning over $90 million worth of HYPE through the Hyperliquid Assistance Program, which has contributed to positive market sentiment. In November, the platform generated nearly $100 million in fees, reflecting strong activity.
Technically, the 4-hour chart shows a descending channel since October 30, with the Relative Strength Index (RSI) at 54. A breakout above the 200-period Exponential Moving Average (EMA) could indicate a recovery. If the current momentum persists, HYPE could potentially reach around $40, implying about a 55% upside in the near term.
Competition is intensifying as Aster prepares to launch its own blockchain to compete with Hyperliquid in architecture, heightening rivalry in the perpetual futures market. The broader market context also includes references to Pepenode ($PEPENODE) presale and mining-to-earn concepts.
