Key Highlights
- The HYPE token surged 7.06% to reach $40.21, maintaining a position above all major moving averages in bullish territory.
- Open interest on HIP-3 achieved an unprecedented $1.74 billion milestone on March 24, 2026, marking a 25% increase from the previous week.
- Tokenized commodity assets including WTI crude and silver are leading volume growth, with Trade.xyz capturing a dominant 91.3% market share.
- Grayscale submitted an S-1 filing to introduce a HYPE ETF on Nasdaq, signaling growing institutional appetite.
- Technical analysis suggests a five-day price corridor between $38.06 and $41.11, with bullish signals exceeding 80%.
The HYPE token from Hyperliquid posted a significant 7.06% gain to reach $40.21 on March 24, 2026, marking its most substantial daily advance in several weeks. The digital asset has now accumulated gains exceeding 50% since the beginning of the year, contrasting sharply with Bitcoin’s approximately 15% decline during the identical timeframe.
This upward momentum coincides with HIP-3’s open interest reaching an all-time peak of $1.74 billion, representing a substantial 25% escalation from the $1.39 billion recorded seven days prior. Notably, this expansion isn’t driven by traditional cryptocurrency assets.
Traders are increasingly gravitating toward tokenized commodity markets. Assets like WTI crude oil, Brent crude oil, and silver have emerged as the platform’s most actively traded instruments.
On March 23 alone, HIP-3 logged $5.4 billion in aggregate trading activity. WTI crude contributed $1.3 billion to this total, silver added $1.2 billion, Brent crude accounted for $1.04 billion, and gold brought in $558 million.
According to Artemis data, Hyperliquid HIP-3 reached a record $5.4 billion in trading volume on March 23, with $1.3 billion in silver, $1.2 billion in WTI crude oil, $940 million in Brent crude oil, and $558 million in gold. HIP-3 is emerging as a PMF fit for commodity and macro… pic.twitter.com/A983E9aHUi
— Wu Blockchain (@WuBlockchain) March 25, 2026
Trade.xyz, developed by Hyperliquid’s tokenization division Hyperunit, handled $5.6 billion in daily volume while attracting over 45,300 distinct daily participants. The platform now commands 91.3% of aggregate HIP-3 open interest, totaling $1.58 billion.
The Commodity Trading Phenomenon
Market participants are leveraging Hyperliquid to secure round-the-clock access to energy markets amid heightened geopolitical tensions in the Middle East. Conventional brokerage platforms shut down Friday evening and remain offline until Sunday night.
Hyperliquid operates continuously. When significant developments emerge during weekends, platform users can execute hedging strategies instantly while traditional platforms remain inaccessible.
Weekly trading activity across the ecosystem surpassed $15 billion, with active participant counts exceeding 229,000. The protocol also collected approximately $14 million in weekly transaction fees.
Institutional Interest and Technical Advancements
Grayscale submitted an S-1 registration statement with the SEC seeking approval to launch a HYPE ETF on Nasdaq. This regulatory filing represents a notable indication of expanding institutional recognition for both the token and underlying platform.
Hyperliquid is also advancing HIP-4 protocol enhancements currently undergoing testnet evaluation. HIP-4 will introduce permissionless prediction market capabilities, potentially diversifying the platform beyond commodities into event-based contracts.
$HYPE still the best coin on the market. This goes to $48-$50 imo. HyperLiquid pic.twitter.com/a1LQi0nTq1
— Altcoin Sherpa (@AltcoinSherpa) March 18, 2026
Viktoras Karapetjanc, an analyst at Traders Union, observed that HYPE maintains a constructive trading pattern, with MACD indicators generating strong buy signals and ADX reflecting consistent momentum. The RSI registers at 55, indicating bullish sentiment, while the Stoch RSI on daily timeframes shows oversold conditions, suggesting possible near-term consolidation.
Technical projections indicate a five-day trading band ranging from $38.06 to $41.11. More than 80% of weekly technical indicators are displaying buy recommendations.
According to Karapetjanc: “I anticipate sustained upward pressure for HYPE, and provided buyers maintain support around the $38 level, probabilities favor fresh peaks during the upcoming week.”
HYPE presently trades above its MA-20 ($36.32), MA-50 ($32.87), and MA-200 ($35.44) levels, with the Ichimoku Kijun at $34.94 providing immediate support.
