Hyperliquid (HYPE) Defies Market Downturn, Soars 8% as Bitcoin and Ethereum Correct

Hyperliquid (HYPE) has surged 8% in the last 24 hours, dramatically outperforming a slumping broader crypto market on March 12, 2026. The token's staggering 170% rally since March 2025 stands in stark contrast to concurrent price corrections hitting Bitcoin and Ethereum, raising questions about the sustainability of its isolated upswing.

What’s Fueling Hyperliquid’s Price Rally?

Hyperliquid’s (HYPE) ongoing price surge could be due to increased oil-trading activity on the Hyperliquid crypto exchange. According to Jung Hyunsun, CEO of Hyperliquid treasury firm Hyperion DeFi, tokenized traditional-finance assets, such as oil, metals and currencies, are amounting to about 30% of Hyperliquid’s daily volume at peak hours. Oil prices have surged after the escalation of the US/Israel-Iran conflict. The surge of oil trades may be pushing the platform’s native token, HYPE.

Another factor that could be pushing Hyperliquid’s (HYPE) price is the upcoming portfolio margin on the exchange. The move will allow real traders to offset risk across positions and support larger trades with less collateral. However, access to the new feature will be limited to traders with more than $5 million in weighted trading volume.

Given the bearish market scenario for cryptocurrencies, Hyperliquid (HYPE) could face a price correction if investors begin to book profits and move their funds to safer assets. CoinCodex analysts also anticipate the asset to face a correction soon. The platform predicts HYPE’s price will drop to $25.43 on March 21, 2026. Falling to $25.43 from current price levels will lead to a correction of nearly 32%.