Can Hyperliquid Price Break $40? Oil Futures Trading Surge Could Help

Hyperliquid prices rose more than 8% on Thursday as demand for oil futures on the platform remained stable. The rise in HYPE prices was accompanied by a surge in trading volume, which increased by 42% in the past 24 hours to approximately $437 million. Its market capitalization stabilized at $8.86 billion. Reports indicate that Iran is threatening to block the Strait of Hormuz, a critical maritime chokepoint. Iranian officials say they will shift from reciprocal responses to sustained pressure, seeking to push oil prices to $200. Investors fear that soaring oil prices will lead to increased inflation. However, derivatives traders quickly capitalized on this volatility. Notably, WTI crude oil futures have become the most active HIP 3 contract on the platform, even surpassing precious metals such as gold and silver, which previously dominated.

**Hyperliquid Price Analysis** On the 4-hour chart, Hyperliquid prices have confirmed a breakout from an inverse head and shoulders pattern that has been forming since mid-February. When this pattern is confirmed, it typically signals a bullish reversal. In the case of Hyperliquid, this appears to further strengthen the upward trend. Therefore, HYPE may continue its upward trend, breaking through the psychological resistance level of $40 to reach $41.7, a target calculated by adding the height of the formed inverse head and shoulders to the price point at which the pattern was confirmed. The MACD indicator suggests that bulls still control the market, with the MACD line trending upward and above the zero line. Meanwhile, the Chaikin Money Flow index shows a positive value of 0.16, indicating that funds are flowing into the market, helping to sustain the current bullish momentum.