Hyperliquid (HYPE) made waves this week after an extraordinary run on Polymarket, delivering a 5,000% return on investment in only a few days. According to expert AshenSoul, the market had initially assigned less than a 1% probability of HYPE reaching $30–$34 by the end of January.
One trader captured the surge perfectly, placing two simultaneous bets that turned $19.34 into $955.51 and $28.02 into $1,070.36 in a single “god candle” move.
These returns indicate that derivative and prediction markets can perform much better than spot markets. Although it is a speculative market, the sudden rise indicates that more people are interested in HYPE, and there are possibilities of short-term and high-reward trades.
Market participants are waiting to see how the momentum on Polymarket will impact the activity on spot markets in the coming days.
Also Read: Hyperliquid Holds Key Support After Whale Exits Position
Hyperliquid Shows 59% Weekly Gain Amid Consolidation
On the spot market, Hyperliquid increased by a total of 59% for the week to a price of $32.9, as of January 28. Analysis of the 2-day chart on TradingView indicates that the market has transitioned from an uptrend in the middle of the year to a phase of consolidation and distribution.
The token is currently below the 20 and 50 EMAs but above the 100 and 200 EMAs. The Fibonacci retracement levels are aligned with the moving averages, forming a strong support and resistance zone that has maintained a trading range for the price.
Source: TradingView
The lower Fibonacci levels have been supported by buyers, but reaching the higher targets is difficult. The momentum indicators are showing a guarded recovery.
The RSI (14) is in the low 60s, and the MACD is about to turn up. The Ease of Movement is neutral, indicating that the recent price movement has been without much additional volume. This is a strong indication that the market is preparing for a strong breakout or breakdown as soon as a strong trend develops.
Source: TradingView
$37–$40 Target Possible if Uptrend Holds
Analyst Morin believes that $37-$40 might be a target if the uptrend remains strong. The Daily Stochastic levels are close to their highs, which aligns with the current halt in the price and indicates that traders may take profits if the money flow indicates exhaustion.
Source: X
If the price remains above the grouped EMAs and the upper Fibonacci resistance level, it would indicate that the uptrend is in play. However, if it breaks below the long-term EMA support level, it would be bearish.
Also Read: Hyperliquid (HYPE) Surges 26% as Bullish Sentiment Returns
