The HYPER token, the native currency of Hyperlane, has recorded significant growth following its listing on two major exchanges in South Korea.
HYPER's Market Surge
According to crypto.news, the HYPER token reached an all-time high of $0.66 on July 11, marking a 100% increase from previous values. At the time of writing, the price stabilized around $0.61, following a dramatic trading volume exceeding $4.1 billion for the day, representing an increase of over 3,000% from prior averages.
Trading Activity Analysis
HYPER's trading volume surged to a record, with open interest in futures contracts climbing 147% to $186.5 million, indicating growing speculative interest among derivatives traders anticipating further upside. Most of today’s trading volume originated from Upbit, which recorded $2.6 billion, while Binance and Bithumb showed lower results at $384 million and $246 million respectively.
Future HYPER Predictions
Technical analysis suggests that HYPER has broken through a descending resistance trendline, signaling potential continuation of upward movement. Indicators like RSI and MACD are at multi-month highs. The next significant resistance level is at the psychological $7 mark. However, considering the 34% increase in exchange wallet balances over the last 24 hours, some selling pressure may emerge in the short term as traders lock in profits.
The HYPER token displays significant growth after its listing on Korean exchanges, although short-term fluctuations may occur as traders consider profit-taking.
