• HYPE overcame a major resistance level in the past 24 hours, but has more obstacles ahead.
• Hyperliquid dominated several on-chain metrics, including growing TVL, fees, and perpetual volume.

Hyperliquid [HYPE] has seen a significant climb in the past 24 hours, gaining over 16%. This continues its weekly gain of 14.29%.

According to AMBCrypto analysis, despite the current obstacles in place, HYPE has a high probability of hitting a new market high as sentiment begins turning in favor of the bulls.

Obstacles ahead for HYPE: Where next?

HYPE’s significant rally in the past 24 hours came after breaching a major resistance level marked by a Fibonacci level on the chart at $25.08, with the price now heading for its January high at $27.05.

If the current market momentum is sustainable, then HYPE would likely cross its monthly high while heading to reach higher levels.

However, it would face certain resistance on the chart, specifically at $27.115, $29.148, and $32.043, as it rallies higher.

Assuming the trend remains bullish, these levels would be minor retraction points before a continued upward movement.

To determine if the current market sentiment would sustain HYPE establishing new market highs, AMBCrypto looked into other metrics, suggesting a high probability.

Liquidity inflow and usage grows

Insight on DeFiLlama shows there’s been a consistent decline in the growth of HYPE’s total value locked (TVL) over the days, establishing new lows and maintaining that level.

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Author: Olayiwola Dolapo