Hyperliquid (HYPE) has experienced a notable price surge, climbing over 52% in two weeks to reach $18.574 on KuCoin at press time, coinciding with the exciting announcement of a validator update introducing 21 permissionless nodes.
Amid the hype created by the Hyperliquid validator update, the HYPE token has captured the attention of traders and investors alike as bullish momentum builds.
With the Hyperliquid price holding steady above key technical levels, the Hyperliquid traders are buzzing with optimism about its future prospects.
The Hyperliquid validator update
The Hyperliquid validator update marks a significant milestone for the Hyperliquid exchange, enabling any user to secure the DEX’s network and reinforcing its commitment to decentralization.
By introducing 21 permissionless nodes, the DEX allows anyone to participate as a validator, significantly enhancing its decentralization and security framework.
The active set will consist of the 21 largest stakes, ensuring the Hyperliquid coin supports a robust and resilient infrastructure.
Validators must lock 10,000 HYPE tokens for a year, a requirement that persists even if they don’t make the active set, reducing circulating supply.
This mechanism incentivizes long-term commitment and boosts demand for the HYPE coin across the Hyperliquid exchange.
The community has embraced this update, recognizing its potential to elevate the Hyperliquid cryptocurrency’s utility and value.
Aligning with the broader cryptocurrency trend toward decentralization, this move strengthens Hyperliquid (HYPE)’s position in the market.
The HYPE price has responded positively, gaining over 5% on the announcement day to an intraday high of $18.70, hinting at further growth as validator participation increases.
Hyperliquid price technical analysis
The Hyperliquid price is displaying compelling bullish signals on the technical front.
After hitting a low of $9.30 on April 7, the HYPE token has doubled in value, breaking free from a descending wedge pattern.
Hyperliquid price chart by TradingView
Currently consolidating around $18.57, the Hyperliquid price sits just below the pivotal 61.8% Fibonacci retracement level of $19.88.
A breakout above this resistance could drive the HYPE token toward $22.80 or higher, exciting traders on the Hyperliquid DEX.
The Relative Strength Index (RSI) on the daily chart sits at 64.54, reflecting sustained bullish momentum, though the Money Flow Index (MFI) at 80.59 shows overbought conditions, warranting caution.
The price has held firm above the 100-day EMA of $18.34, reinforcing strong support for the Hyperliquid coin.
Sustaining this level could pave the way for a push to $20.00, a psychological milestone for Hyperliquid (HYPE).
However, a retreat to the $15.73–$14.00 range remains plausible if profit-taking intensifies, offering a healthy correction.
Such a dip would bolster the long-term uptrend, providing an attractive entry point for investors eyeing the HYPE price.
Overall, the technical outlook aligns with the validator update’s fundamental boost, painting a promising picture for the Hyperliquid cryptocurrency.
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