HYPE Explosion! Soaring 105% in January, $35 New High Within Reach!

Hyperliquid (HYPE) has made a strong recovery, with prices soaring 105% in just one month, returning to the key $20 mark, currently trading at $21.18, with a market cap of $7.07 billion and a 24-hour trading volume exceeding $127 million, marking a 47.19% increase! HYPE is gearing up to challenge the historical high of $35 again!

The strong rebound of HYPE can be attributed to several catalysts: the launch of the fee and staking system on May 5, which allows users to stake HYPE coins for trading fee discounts, attracting a large number of traders; the release of the Ethena stablecoin USDe, which enhances platform liquidity and brings more profit opportunities for investors.

From a technical perspective, HYPE/USD has formed an ascending triangle, with support at $17.5-$18 and key resistance at $26-$28. Once broken, the target price is set at $33-$35, expected to be achieved within the next 4-6 weeks.

On-chain data shows a rebound in trading volume, with strong market participation and huge breakout potential! If HYPE breaks through $26-$28, short sellers may face a fierce squeeze, driving the price straight to $35!