Hyperliquid’s $6m HIP-4 debut sparks HYPE rally, what’s next?

Hyperliquid’s HIP-4 event contracts have officially launched, adding a new prediction market product to the protocol’s trading stack. 

According to defioasis, the contracts recorded 6.05 million in nominal trading volume on the first trading day.

That volume gave HIP-4 about 0.7% of the day’s prediction market share. Kalshi led with 546 million contracts, while Polymarket recorded 190 million. 

Limitless followed with 68.26 million, Crypto.com with 28.2 million, Opinion with 25.72 million, and Predict Fun with 11.8 million.

HYPE price holds near upper range

HYPE (HYPE) traded at $41.64 at press time, with 24-hour trading volume of $255.91 million, based on crypto.news data. The token gained 1% in the past day, while it stayed down almost 2% over the past week. The token’s market cap stood near $9.92 billion, based on a circulating supply of 240 million HYPE. 

Meanwhile, HYPE is consolidating near the upper part of its recent range. The price remains below the $42.50 to $44.00 resistance area, which traders are watching for a clean breakout.

Support sits near $40.50 to $41.00. As long as HYPE holds that zone, buyers may attempt another move toward $42.50 and $44.00. A break below $40.50 would weaken the short-term setup and place $38.00 and $36.00 back in focus.

The RSI sits at 54.38, above its moving average of 51.94. That shows mild bullish momentum, but not strong buying pressure. A move above 60 would improve the bullish setup, while a fall below 50 would show weaker demand.

The MACD remains less clear. The MACD line is at 0.357, below the signal line at 0.510, while the histogram sits at -0.153. This means bearish pressure has not fully cleared, though the move appears to be stabilizing.

Hyperliquid’s wider market role supports attention

Hyperliquid runs its own layer-1 blockchain built for high-frequency trading. Its main product is an on-chain perpetual futures exchange, while the ecosystem also supports spot trading, lending, borrowing, and HyperEVM for Solidity-based apps.

The report also noted that Hyperliquid has held a strong position in on-chain perpetual futures volume. It added that part of trading fees goes toward buying back and burning HYPE tokens, tying exchange activity to token economics.