- Hyperliquid is expected to onboard many more users
- Higher demand could see HYPE replicate or even eclipse UNI’s previous cycle price of $3.4 to $42
Hyperfluid [HYPE] is one of the largest airdrops in crypto history. The Decentralized Finance (DeFi) protocol token was initially valued at $3.9. On November 29, it distributed 310 million HYPE tokens to its community.
This meant that $1.2 billion was distributed to the community. HYPE was distributed through a six-month program that ended in May, a program in which users collected reward points to qualify for the airdrop.
The HYPE token is central to the Hyperliquid ecosystem. Hyperliquid, a layer-1 Proof of Stake (POS) blockchain, is designed to process more than 200,000 transactions per second (TPS).
The HYPE token is central to the Hyperliquid ecosystem and serves as the gas for the Ethereum Virtual Machine-compatible layer HyperEVM of the blockchain. This decentralized perpetual exchange exists on its own L1, reducing settlement time and increasing security.
HYPE is defending the support at $6.17
Source: HYPE/USDC on TradingView
The Hyperliquid token has seen steady growth in recent hours. In the past 24 hours there has even been a gain of almost 70%. In the coming months, investors and market participants expect much bigger gains from the token.
Technical analysis of the lower time frames revealed that the bullish momentum is slowing, however. The 15-minute MACD formed a bearish crossover, but was still above zero – indicating that momentum was not yet entirely bearish.
Read Hyperliquid’s [HYPE] Price forecast 2024-25
The $6.17 level has been defended as support for the past nine hours. Although the OBV slowed slightly over the past four hours, this did not indicate that a deeper decline is likely.
The trading platform is easy to use, has great liquidity and could be the benchmark for decentralized exchanges. If these promises are made well, the market would recognize the value of the token. And a Uniswap-like rally for HYPE would become increasingly likely.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
