Hyperliquid's token price has been steadily gaining momentum, currently testing a significant resistance level at $35, with market sentiment buoyed by a surge in trading volume for oil perpetual contracts. The asset has risen by 9% in the past week, 11% in the last 30 days, and a remarkable 141% over the past year. Despite this strong long-term performance, the current price remains approximately 41% below its all-time high of $59.30, recorded in September 2025.
Recent geopolitical tensions in the Middle East, with heightened military risks involving the United States, Israel, and Iran, coupled with potential disruptions to the Strait of Hormuz shipping lane, have driven significant volatility in international oil prices. WTI crude oil briefly touched the $110 to $120 per barrel range, directly catalyzing increased trading activity in CL-USDC oil perpetual contracts on the Hyperliquid platform.
Against this backdrop, the daily trading volume for this contract has surged from approximately $21 million to over $1.2 billion, with some trading days approaching $2 billion. Concurrently, the total Open Interest has rapidly climbed to between $170 million and $195 million. Notably, Hyperliquid's overall HIP-3 permissionless perpetual contract market has surpassed $1.2 billion in total Open Interest, indicating strong market confidence in its non-crypto asset trading ecosystem.
The sharp fluctuations in oil prices have also triggered a chain reaction, with nearly $40 million in short positions being forcibly liquidated in a single day, highlighting the concentrated release of market leverage risks. Alongside the oil market activity, Hyperliquid's overall daily trading volume has exceeded $10 billion, with traditional financial assets such as commodities, stocks, and metals accounting for over 30% of trading volume during certain periods, becoming a new growth engine for the platform.
This trend suggests that traders are increasingly viewing Hyperliquid as an alternative trading platform that responds to global macroeconomic events around the clock, particularly playing a crucial role during periods when traditional markets like the Chicago Mercantile Exchange are closed.
From a technical analysis perspective, Hyperliquid's price is repeatedly testing the $35 resistance zone. This price level previously formed a notable pullback point in February, holding significant psychological importance. 
Since late February, the price has exhibited a series of progressively higher lows, indicating sustained buying interest during pullbacks. The Relative Strength Index (RSI) is currently around 62, not yet entering overbought territory, suggesting that there is still room for upward momentum. The Bollinger Bands are visibly expanding, typically indicating an impending directional breakout.
If the price successfully breaks through $35, the next target may be $38, potentially leading to a challenge of the $40 level.