Hyperliquid’s native token, HYPE, has emerged as one of the strongest performers among the top 100 cryptocurrencies by market capitalization on the daily charts. Market data from CoinGecko shows the token gaining roughly 8% over the past 24 hours.
The upward trend extends across longer timeframes as well. HYPE has increased by about 18.3% during the past week, 32.4% over the last two weeks, and around 21.1% during the previous month. Since March 2025, the asset has risen by more than 170%.
While HYPE continues its rally, major cryptocurrencies such as Bitcoin and Ethereum are experiencing short-term pullbacks on March 12, 2026. This contrast has raised interest in what is driving Hyperliquid’s recent strength and whether the rally can continue.
Factors Behind Hyperliquid’s Recent Gains
One reason behind HYPE’s surge may be growing trading activity tied to tokenized commodities on the Hyperliquid exchange. Jung Hyunsun, CEO of the Hyperliquid treasury firm Hyperion DeFi, noted that tokenized traditional assets, including oil, metals, and foreign currencies, can account for nearly 30% of the platform’s daily trading volume during peak periods.
Oil trading has become particularly active following rising tensions related to the conflict involving the United States, Israel, and Iran, which has pushed oil prices higher. Increased demand for oil-linked trading products on Hyperliquid could be indirectly boosting interest in the platform’s native token.
Another development contributing to market attention is the exchange’s upcoming portfolio margin feature. This system will allow traders to manage risk across multiple positions while supporting larger trades with less collateral. However, the feature will initially be available only to traders who have recorded more than $5 million in weighted trading volume.
Potential Risk of a Pullback
Despite the strong performance, the broader cryptocurrency market remains uncertain. If investors begin locking in profits or shifting funds toward lower-risk assets, HYPE could experience a correction.
Analysts at CoinCodex suggest that such a pullback may occur soon. Their forecast estimates that HYPE could fall to around $25.43 by March 21, 2026. If that prediction plays out, the decline would represent a drop of nearly 32% from current levels.
