Published: January 29, 2026
Hyperliquid’s native governance and utility token HYPE exploded +58% in the past week, reaching an eight-week high of $34.50 (intraday) before consolidating near $32.80–$33.20 as of January 29, 2026. The surge coincides with the decentralized perpetuals exchange setting multiple all-time highs: $1.78 billion in 24-hour trading volume, $935 million in total open interest, and $1.25 billion+ in silver perpetuals open interest alone — making silver the single largest product on the platform and out-sizing BTC and ETH combined. The commodities frenzy, HIP-3 protocol upgrades, explosive user growth, and strong on-chain metrics have fueled renewed momentum for HYPE. This article breaks down the exact drivers, volume & OI composition, technical levels, token utility within Hyperliquid, risks during the parabolic move, and practical trading setups on Tapbit for capturing follow-through or hedging volatility.
Hyperliquid & HYPE – Current Market Snapshot (Jan 29, 2026)
| Metric | Value | Change / Context |
|---|---|---|
| HYPE Price | $32.80–$33.20 | +58% past 7 days; 8-week high $34.50 |
| 24h Trading Volume (Hyperliquid platform) | $1.78 billion | All-time high |
| Total Open Interest | $935 million | Platform record |
| Silver Perps Open Interest | $1.25 billion+ | > BTC + ETH combined OI on Hyperliquid |
| 24h Silver Perps Volume | >$800 million | Dominant product in the rally |
| HYPE Market Cap (circulating) | ~$3.1–3.3 billion (est.) | Up significantly on rally |
Why HYPE Surged 58% – Core Drivers Behind the Rally
The parabolic move is fueled by a perfect storm of platform growth and macro tailwinds:
- Record Platform Activity & Silver Frenzy Hyperliquid became the go-to venue for leveraged silver trading, with silver perps open interest exceeding $1.25 billion — more than BTC and ETH combined on the exchange. Spot silver’s rally past $117/oz (new all-time high) triggered massive speculative positioning, boosting platform fees and HYPE utility.
- HIP-3 Protocol Upgrades & Fee Switch Recent HIP-3 improvements enhanced order execution speed, reduced slippage, and activated more aggressive fee-sharing mechanisms to HYPE stakers/liquidity providers, increasing token demand.
- Explosive User & TVL Growth Daily active users and TVL both hit multi-month highs; new wallet connections surged 120%+ week-over-week as traders rotated into commodities perps amid equity volatility.
- Macro Commodities Rotation Weaker dollar (DXY near 96), renewed inflation fears, and safe-haven/industrial demand for silver created ideal conditions for leveraged commodity trading — Hyperliquid captured the lion’s share of that flow.
- Token Utility Amplification HYPE captures protocol fees, governance voting power, staking rewards, and priority execution rebates on the DEX — all of which become more valuable as volume explodes.
Technical Levels & Sentiment Indicators (HYPE/USDT)
Current ~$32.80–$33.20 (Jan 29)
- Immediate Support: $30.50–$31.00 (prior breakout cluster + 50-day EMA)
- Critical Support: $28.00–$29.00 (Fib 0.618 retracement from recent low)
- Next Resistance: $35.00–$36.50 (measured move target from consolidation)
- Bull Target: $40–$45 (extension if silver continues higher)
- RSI (4H): ~78 → overbought but strong momentum
- Volume: Record highs on up candles → conviction behind the rally
Trading Strategies & Positioning on Tapbit
- Create your Tapbit account (0% maker fees)
- Deposit USDT or fiat via bank transfer
- Momentum continuation: Long HYPE/USDT perpetuals on pullback to $31.00–$31.50 (20–50x leverage, isolated margin)
- Commodities proxy: Long XAG/USDT perpetuals if silver momentum persists (correlated driver)
- Profit protection: Trail stops below recent swing lows; take partial profits at $35–$36.50 resistance
- Risk control: Max 1–2% account risk per trade; avoid over-leveraging during parabolic moves
Conclusion & Near-Term Outlook
Hyperliquid’s native token HYPE has surged 58% to an eight-week high of $34.50 on the back of record platform activity — $1.78 billion daily volume, $935 million total open interest, and $1.25 billion+ in silver perpetuals dominance. The commodities trading frenzy, HIP-3 protocol upgrades, and explosive user growth have amplified HYPE’s utility as a fee-capturing, governance, and staking asset. While short-term overbought conditions (RSI ~78) and potential profit-taking loom, the structural growth story remains extremely strong — especially if silver continues its rally past $117–$120 and Hyperliquid maintains its lead in decentralized perps.
Trade HYPE momentum & commodities frenzy on Tapbit:
- Sign Up on Tapbit (0% maker fees)
- Login & Deposit
- Live BTC/USDT, XAG/USDT & Major Perps
Disclaimer: Cryptocurrency trading involves significant risk of loss. Prices are highly volatile and can change rapidly. DePIN and perps platforms carry smart contract, liquidity, and regulatory risks. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
