• HYPE, SUI, and OM surged to new all-time highs in the past 24 hours.
• HYPE surged 29.77% in the past day with the largest-ever token airdrop.
• SUI rose to $4.86 amid the surge in its TVL and increasing investors’ interest.

Altcoins reached new highs as Hyperliquid (HYPE), Sui Network (SUI), and Mantra (OM) surged to all-time price records in the last 24 hours. The broader digital asset market recovery, led by Bitcoin’s (BTC) climb above $100,000 to a peak of $101,913.36, has driven these altcoin rallies and strengthened bullish momentum.

Hyperliquid (HYPE)

HYPE jumped 29.77% in the past 24 hours and is trading at a new all-time high of $17.48, giving it a market cap of $4.73 billion after rising 446.07% in the last 30 days, according to CoinMarketCap data. The crypto project launched the largest-ever airdrop, worth $1.2 billion, contributing to the price surge.

The Relative Strength Index (RSI) for HYPE is currently overbought, reading a value of 77.98. Such overbought levels are often followed by a price correction and investors need to be careful while opening a position. 

Sui (SUI)

SUI surged 30.51% in the past 24 hours and dropped to $4.80 at the time of writing after claiming an all-time high of $4.86. The layer-1 blockchain was recently integrated by Backpack Exchange, a digital asset platform, which recorded $60 billion in trading volume. Moreover, as per DefiLlama data, Sui Network ranks beneath Hyperliquid as the ninth-largest protocol by Total Value Locked (TVL) which stands at $1.87 billion. 

The RSI for SUI reads 72.66 which means that the digital asset is overbought. This rally might continue for a short period until the traders start to take profit and the altcoin tests the nearest support before skyrocketing further.

Mantra (OM) Price Surge

OM is trading at $4.20, up 2% in the past 24 hours, and claimed a new all-time high of $4.60 around 13 hours ago. The digital asset skyrocketed amid the recent surge in the popularity of protocols focused on the tokenization of real-world assets (RWA). 

The RSI for OM reads a value of 63.28 which means that the bulls are overall in control of the altcoin’s price action and the gradient of the line suggests that a minor correction can be witnessed before the altcoin moves higher.