Hyperliquid (HYPE) has gone up by 3.6% in the past 24 hours and it is currently the best-performing token of the top 10 with year-to-date gains of 46.4%.
Its trading platform for crypto perpetual futures has been rapidly embraced by crypto native market participants as an alternative to centralized exchanges.
Data from Lookonchain shows a recent transaction made by a speculator who deposited $4.3 million worth of Ethereum (ETH) tokens and opened a long position in the top altcoin worth approximately $100.4 million.
This netted significant trading fees to HYPE and favors a bullish short-term Hyperliquid price prediction.
Although HYPE is not used to settle transactions within this project’s proprietary layer-one blockchain, it can be used by traders to lower transaction fees through staking.
This large ETH long positions indicate that deep-pocketed operators are increasingly trusting Hyperliquid with their funds as the platform has proven its efficiency, technical robustness, and commitment to keep innovating and growing.
Hyperliquid Price Prediction: HYPE Retests and Bounces Off Key Support at $30
Looking at the 4-hour chart, HYPE made a bullish breakout out of its descending price channel on Sunday with strong volumes as it rose from $33 to $35.
This happened after the token bounced strongly off the $30 level – a key psychological threshold where there was probably a significant volume of order blocks. This favors a bullish Hyperliquid price prediction.
Rising tensions in the Middle East don’t seem to have deterred investors from scooping up this token at a lower price, possibly as they expect that trading activity could spike during the turmoil.
The price will likely retest the upper bound of this descending price channel to confirm the strength of buyers’ interest. If it encounters enough liquidity, the price could fully reserve the downtrend and move up to retest HYPE’s $46 all-time high.
One of the most innovative aspects of Hyperliquid is the fact that its trading platform functions in an efficient proprietary layer-one platform specifically designed to process transactions quickly and efficiently.
As the home of meme coins, the Solana network needs to ensure that it can continue to scale to keep up with rising transaction volumes from this segment of the crypto market.
Solaxy (SOLX), a layer-2 scaling solution for Solana, is just two hours away from wrapping up its successful crypto presale. Don’t miss your chance to invest in this promising project at its discounted presale price.
Solaxy (SOLX) Raises $58M and Prepares to Launch Its Mainnet in Early July
Solaxy (SOLX) is ready for the next stage of its development as its presale is about to end. The team behind this L2 has already made significant progress in deploying a testnet and a block explorer that investors can check to analyze the performance of the solution in real time.
Now, they have set a date for July 7 to launch the Solaxy mainnet and will soon list the protocol’s utility token, $SOLX, on top exchanges to make it available to the general public.
Early buyers of $SOLX will reap the highest returns once the solution becomes widely adopted by top wallets and exchanges. In addition, this token offers attractive staking rewards of 74% at the time of writing.
To buy $SOLX before the presale ends, head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap SOL or USDT or use a bank card to invest.
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