Hyperliquid ($HYPE) Price Rally Gains Momentum
Hyperliquid, which launched via airdrop on November 29, has continued its remarkable price surge. On Sunday, the token hit a new high of $35.18, rising from its listing price of $11—an impressive 200% cumulative gain. Its market cap now stands at $9.2 billion, with a fully diluted valuation of $33.7 billion.
The token’s rapid ascent is attributed to its dominance in the decentralized perpetual trading market. Data from DeFi Llama reveals that Hyperliquid handled $52 billion in perpetual futures volume over the last week, far surpassing competitors like Jupiter ($8.7 billion) and SynFutures ($6 billion).
Additionally, Hyperliquid’s total value locked (TVL) in its DeFi ecosystem has reached $3.4 billion, up from $188 million in October.
Technical Outlook: For a confirmed bullish breakout, HYPE needs to breach the $34.8 resistance level, which marks its all-time high and the upper boundary of an ascending triangle. A successful move could push the price toward $40.
Hyperliquid was founded by Jeff Yan, who also created Chameleon Trading.
Horizen ($ZEN) Reaches 2022 Highs
Horizen has drawn attention this week as its price continues to climb, marking four consecutive days of gains. The token hit its highest level since May 2022, fueled by multiple developments:
- Grayscale’s Horizen Trust Launch: This new trust provides institutional investors with exposure to the ZEN token.
- Listing on Gains Network: The decentralized derivatives trading platform, built on Polygon, recently added ZEN to its roster.
- Final Halving Event: Investors celebrated the coin’s halving on December 12.
Technical Outlook: ZEN recently broke through the $18 resistance level, its March 11 high, after establishing a solid base at $6.30. Analysts suggest it could climb to $45, which corresponds to the 23.6% Fibonacci retracement level—a potential 53% upside from current levels.
Immutable X ($IMX) Faces Pressure Ahead of Token Unlock
The price of Immutable X (IMX) has retreated to its lowest level since November 21, as the platform prepares for a major token unlock event.
Immutable, a Sydney-based blockchain company specializing in NFTs and gaming, will release 24.5 million IMX tokens valued at over $33 million on December 27. This unlock is part of the network’s tokenomics, which releases a similar number of tokens monthly. With 1.69 billion IMX tokens already in circulation (out of a 2 billion supply cap), the final unlock is scheduled for November 2025.
Technical Outlook: IMX has dipped below the $1.5625 support level, as defined by the Murrey Math Lines. It is now approaching critical support at $1.1720, which aligns with the ascending trendline that connects its lowest levels since August. Analysts predict the token could face further declines leading up to the unlock event.
Immutable X was founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly.
Other Cryptocurrencies to Watch
Several notable token unlocks are on the horizon, including:
- Ethena (ENA)
- Cardano (ADA)
- Optimism (OP)
- Sui (SUI)
Keep an eye on these tokens as market dynamics continue to evolve.
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