Hyperliquid price has rallied over 12% in the past seven days, supported by high-profile institutional filings and a surge in commodities trading on the platform.

According to data from crypto.news, Hyperliquid ($HYPE) price was trading at $41.5 at press time, up 12% over the past 7 days and over 70% from its year-to-date low.

Hyperliquid price rose after investment manager Bitwise filed its second amended S-1 for a spot Hyperliquid ETF (BHYP) on April 10. This signaled the strong possibility of an imminent launch in the U.S. Just a day earlier, Bitwise launched a Hyperliquid Staking ETP on Germany’s Deutsche Börse Xetra.

Such institutional products would give investors direct exposure to the asset without requiring them to hold it directly. This enables broader participation while simplifying access for traditional market players.

Hyperliquid price also gained support from traders flocking to the platform to bet on tokenized oil perpetuals following a naval blockade of the Strait of Hormuz and failed U.S.-Iran nuclear talks. Notably, open interest for crude oil contracts on the platform exceeded $1 billion today. For context, traditional markets remain closed over weekends, where decentralized exchanges like Hyperliquid really shine due to their around-the-clock availability.

The surge in trading activity supports Hyperliquid’s buyback mechanism, in which the protocol directs up to 97% of its trading fees toward buying and burning $HYPE tokens, creating a consistent deflationary pressure on the circulating supply.

Besides these developments, anticipation is building for the HIP 4 upgrade. The upcoming network improvement will introduce native prediction markets and binary options and follow the success of HIP 3’s expansion into commodities and equities. It is expected to solidify Hyperliquid’s position as a comprehensive hub for all types of decentralized financial products.

Hyperliquid price analysis

On the daily chart, Hyperliquid price has confirmed a bullish flag pattern, a key signal of a continuation of the uptrend in the coming sessions.

The supertrend indicator has flashed a green signal, a sign that the bulls are firmly in control of the market. Meanwhile, the RSI stood at 63, suggesting there is still plenty of room for more upside before hitting overbought thresholds.

As such, Hyperliquid price eyes upside to as high as $56, a target calculated by adding the height of the bullish flag pole to the point at which the breakout occurred.

On the contrary, if Hyperliquid price falls back below the $37 support, it would invalidate the current bullish setup and could lead to a deeper retracement toward the next major support level.