• Hyperliquid rises 3% on Thursday, bringing its weekly gains to well over 20%.
• Hyperliquid gains traction in RWA trading as 24-hour Crude Oil perpetual volume crosses $1 billion, lifting HIP-3 Open Interest to $1.3 billion.
• HYPE must break above $40 to increase the likelihood of a sustained rally toward the $50 psychological mark.

Hyperliquid (HYPE) price is up 3% at press time on Thursday, extending the 6% recovery from the previous day for roughly 20% weekly gains so far. The perpetuals-focused Decentralized Exchange (DEX) sees increased demand for Real-World Asset (RWA) futures, driving Open Interest to $1.3 billion. 

Hyperliquid could extend its rally as demand for an institutional-grade 24x7 trading platform increases amid rising Middle East tensions affecting Oil prices.

Hyperliquid adoption expands on Oil price volatility

Despite attempts by the International Energy Agency (IEA) to ease rising Oil prices, the war in the Middle East is fueling upside pressure by restricting oil supply from the Strait of Hormuz. Demand for trading the now highly volatile Crude Oil prices has driven retail and institutional traders toward Hyperliquid, a 24x7 decentralized trading platform.

Hyperliquid expanded to RWA futures with the Hyperliquid Improvement Proposal-3 (HIP), which allows users to deploy perpetuals with a 1 million HYPE token deposit. 

The HIP-3 Open Interest (OI), which refers to the notional value of outstanding contracts, primarily for RWA assets, reached a high of $1.33 billion on Thursday. The spikes in HIP-3 OI on weekends confirm that demand is redirected to Hyperliquid when traditional markets are closed. 

Additionally, the surge in 24-hour Crude Oil trading volume to $1.17 billion on the DEX confirms that demand is mainly driven by Oil. 

Consistent with increasing demand, Hyperliquid remains the leading protocol by revenue, aside from stablecoins, collecting $54.39 million over the last 30 days, outpacing Pump.fun and the Tron ecosystem.

Technical outlook: Will Hyperliquid rally cross above $40?

Hyperliquid extends upside on Thursday after closing above the $35.47 resistance level, which capped multiple recovery attempts since November. The near-term bias turns bullish as HYPE accelerates away from the upward-sloping 50-, 100-, and 200-day Exponential Moving Averages (EMAs), amid the chances of a Golden Cross.

On the topside, immediate resistance lies at the $40.00 round figure. A sustained close above this barrier could open the way toward $48.91, which capped the price in October.

The Moving Average Convergence Divergence (MACD) rises firmly above its signal line, with an expanding positive histogram, suggesting buyers control the trend. The Relative Strength Index (RSI) at 67 stays below classic overbought territory yet confirms strong upward pressure.

Initial support for HYPE emerges near $35.47, the recent breakout zone, followed by the rising 200-day EMA at $32.06. Deeper downside protection lies near the 100-day EMA at $30.83.

(The technical analysis of this story was written with the help of an AI tool.)