Hyperliquid, the largest player in decentralized perpetual futures trading, experienced a surge in volume and its token price rose by over 10% on January 12. The token reached its highest level since Sunday, likely due to its dominant market share in the industry. Hyperliquid has processed over $747 billion in futures trades since its inception and has a 24-hour volume of $12 billion, significantly larger than its closest competitor. The increase in volume was driven by the popularity of meme coins like Official Trump and Melania. The token has formed a falling wedge chart pattern and executed a break-and-retest pattern, suggesting potential further gains. If it moves above the resistance level at $24.43, it could see a strong bull run and potentially reach its December high of $35, representing a 51% increase from its current price.



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