- Hyperliquid saw a steady growth of new users and daily volume over the past two months
- Decrease in open interest and rise in the sale of spot sales can take the price of hype below the nearby support level
At the time of writing, the total crypto market capitalization fell by 13% from January 9. In fact the Altcoin market capitalization (exclusive ethereum [ETH]) Fell by 17.5%. For comparison: the DEX platform Hyperliquid’s [HYPE] Token decreased by 7.2% from that day.
Source: Hype/USDT on TradingView
The 1-day price diagram showed that Hype tested a few times the January-depots in recent days at $ 18.5. The Bulls have defended this level so far – an encouraging sign. And yet the OBV fell from a cliff.
Increased sales pressure on the Spotmarkt saw the BBV dive under the lows of January, although the prize remained. This suggested that, unless buying volume quickly, the hype could soon fall under the support of $ 18.5.
Suggle hyperliquid statistics that a price drop is quickly incoming?
Data from Dune Analytics showed that November and December saw a significant walk in the daily volume on the Hyperliquid platform. It also saw a quick increase in new users. However, the number of new users fell in January.
And yet the number of new users has not stayed south in the past two months. Instead, it has retained a relatively even process. At the same time, the daily trade volume has also maintained a flat trend instead of falling lower.
These were also positive signs that the hyperliquid platform continued to see traffic, despite difficult market conditions and bearish sentiments.
The generated reimbursements also supported this idea.
Compared to the end of December, the generated reimbursements have risen – a by -product of an increased volume. However, this does not translate directly into the demand for hype because of the anxious market sentiment.
Finally, in the last ten days, the open interest rate slowly started to trends. This hinted on a decrease in speculative activity and pointed to offside and prevailing situity.
A hype price fall under $ 18.5 can be possible, especially as Bitcoin [BTC] Is again under the psychological level of $ 80k. If sentiment starts to recover in the coming days, Hype Bulls can succeed in defending the $ 19 support zone.