HYPE Price Prediction January 23: Will Synthetix Founder’s Move Push Prices Higher?

• Synthetix founder’s $300K move boosts $HYPE price by nearly 22% in 24 hours.
• $HYPE’s market cap surged 21.87%, signaling strong investor interest.
• Technical indicators show bullish momentum, with RSI and MACD supporting growth.

Traders are closing in on Hyperliquid (HYPE) from its increased trading volume and strong bullish activity. Synthetix founder Kain Warwick recently bridged 300,000 $USDC to Hyperliquid, acquiring 13,768.6 $HYPE tokens at $21.77 each.

This strategic purchase, combined with heightened activity from the Hyperliquid Assistance Fund, has propelled $HYPE’s price upward. At the time of writing, the token trades at $26.26, up nearly 22% in the past 24 hours.

Market Momentum and Surging Trading Volume

Hyperliquid’s market performance has been impressive, with a 21.87% increase in its market cap, now at $8.76 billion. The 24-hour trading volume has also surged, climbing 33.41% to reach $294.19 million. This growing market activity signals heightened investor interest in $HYPE. 

Related: Bitcoin, AI, and HyperLiquid: What Web3 Accelerator Co-Founders Are Holding 

The circulating supply of $HYPE is 333.92 million tokens, out of a total cap of 1 billion. This rising activity underscores the token’s bullish trend, with market participants closely monitoring its next moves.

Support and Resistance Levels for $HYPE

Traders are paying close attention to $HYPE’s key price levels. On the resistance side, $27.00 presents the first barrier. A breakout above this could push the token toward $30.00, a psychological threshold that may trigger selling pressure.

However, $30.00 is also a psychological resistance point, and traders may see some selling pressure here. On the support side, $25.00 is a crucial level where buying interest could emerge if the price pulls back. A drop below this point would likely push the token to test the next support at $23.00, a significant level observed during previous price consolidation.

Technical Indicators Reflect a Positive Outlook

Related: Solana’s AI Memecoins Are Thriving, but Is the Hype Here to Stay?

The daily price chart for $HYPE shows technical indicators favoring a continued upward trend.

• The Relative Strength Index (RSI) is at 60.34, indicating bullish momentum without nearing overbought conditions. This suggests room for further gains.
• The Moving Average Convergence Divergence (MACD) recently crossed above its signal line, confirming positive momentum. The expanding MACD histogram supports this, reflecting growing buying pressure.