Hyperliquid’s token price is trading at around $19 at the time of this writing and all eyes are on the major technical and psychological resistance located at $20. The cryptocurrency is up almost 4% for the past 24 hours and currently sits on a market capitalization upwards of $6 billion, according to CoinGecko.

HYPE Price Eyes $20

HYPE has been one of the best-performing altcoins throughout the past 24 hours. This comes on the back of a massive increase in trading volume, which is up almost 100% on the day.

Beyond that, though, Hyperliquid’s open interest copared to that of centralized exchanges has reached an all-time high according to data from Hypeflows. 

Some analysts seem to believe that open interest is a better metric to gauge the number and engagement of the flow of new users, which means that Hyperliquid is getting a more organic flow of retail users compared to major centralized exchanges.

In any case, Hyperliquid currently accounts for 83% of the total trading volume across decentralized exchanges with almost $6 billion in the past 24 hours.

Second Hyperliquid Airdrop Rumors

In addition to apparently strong fundamentals over the past couple of weeks, there are also rumors circling around social media that the team might be preparing to launch a second season of Hyperliquid points, which is the system used to reward users with HYPE tokens through an airdrop.

According to a popular social media user and a frequent Hyperliquid commentator, the points page has seen its user-interface updated on testent.

New season of points farming on HL?

Points page UI updated on testnet.$HYPE

Hyperliquid. pic.twitter.com/F82BMCqTYb

— NMTD.HL/BTC (@NMTD8) April 28, 2025

Airdrop hunting is quite popular and could be part of the reasons fueling HYPE’s recent growth. After all, it was one of the most successful and heavily-discussed airdrops in the past few years, so those who missed it, might be eager for a second shot.