Hyperliquid price gains 23% — what’s driving the surge?

Hyperliquid price is gaining momentum as increased commodity trading and token burn mechanics drive renewed interest and market activity.

Hyperliquid has maintained its recent momentum, rising an additional 23% in the last day to approximately $33.46 at the time of writing. After breaking out of a tight trading range and moving toward the top of its weekly levels, the token has gained more than 50%, capping a strong seven-day run.

Even with the sharp rebound, Hyperliquid (HYPE) remains well below its September 2025 peak near $59, showing just how hard it had fallen before this recent move. Trading activity has picked up quickly alongside the price, with spot volume surging more than 90% in the past 24 hours.

Derivatives markets suggests the rally is being driven largely by growing speculative interest, rather than steady spot buying. CoinGlass data shows derivatives volume up nearly 175% to $5.3 billion, while open interest rose over 21% to $1.84 billion.

This combination suggests fresh positions are being opened at higher prices, not just traders closing shorts, which often adds fuel to fast directional moves.

Trading activity on Hyperliquid rises

The price jump has been closely tied to a sharp rise in activity on the Hyperliquid platform, led by commodity perpetual contracts. Silver trading has exploded in particular, with daily volume climbing past $1.2 billion and open interest expanding quickly. Gold and other metals have also seen heavier flows, lifting overall fee generation.

That surge in activity matters for HYPE holders. Hyperliquid directs up to 97% of its trading fees for token purchases and burns. As volumes increase, more tokens are removed from circulation. With this mechanism, usage is directly tied to token demand and price action

Hyperliquid’s HIP-3 framework enables its commodity trading feature. As long as 500,000 HYPE is staked, users can create perpetual contracts linked to assets other than cryptocurrencies, such as stocks, commodities, and indices. This has helped in diversifying activity and drawing in new traders.

The team reported in a Jan. 26 post on X that open interest on upgraded markets had risen to a record $790 million, a significant increase from roughly $260 million a month prior.

Hyperliquid price technical analysis

From a chart perspective, HYPE has staged a sharp rebound from the lower Bollinger Band near $18.80. That move marked a clear shift in short-term trend, with buyers stepping in aggressively after a prolonged decline.

Volatility has expanded since then. Bollinger Bands, which were tightly compressed during consolidation, have opened up to the upside. Such expansions often accompany fast directional moves rather than slow, sideways trading.

Momentum indicators confirm the strength of the push. The relative strength index has moved above 70, reflecting heavy buying pressure, though it also increases the chance of a pause or pullback. Price has reclaimed the 20-day moving average near $24.70, which now serves as the first line of support.

Attention is now on the $34–$36 zone, where previous selling pressure emerged. A clean daily close above that area would strengthen the bullish case and open the door toward the $48–$50 region.

If price stalls, a cooldown toward $30.50 or $28.00 would not be unusual. A sustained drop back below $28 would weaken the recovery and put the recent advance under strain.