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
