HYPE, the native token of Hyperliquid, has drawn significant attention in the crypto market after surging over 17% within the past 24 hours, reaching a new all-time high (ATH) of $39.93 on May 26. This rally followed two previous ATH milestones—$38.33 on May 25 and $37.17 on May 23—indicating sustained bullish momentum for the decentralized perpetual trading platform’s token.
As per CoinMarketCap data, HYPE is currently being traded at approximately $38.89, with its market capitalization standing at $12.98 billion. The token’s 24-hour trading volume has also risen by nearly 60%, surpassing $480 million—highlighting increased engagement and investor interest surrounding the asset.
The recent surge in HYPE’s price and market capitalization has propelled the token past several prominent cryptocurrency projects. It now occupies the 11th position among leading digital assets, surpassing Chainlink (LINK), Sui (SUI), as well as Avalanche (AVAX) and Stellar (XLM). Only a few days prior, HYPE had been positioned at 12th, but its sustained upward momentum has enabled it to climb into a higher tier of the rankings.
What’s Driving Hyperliquid’s Surge?
Built on its proprietary high-speed Layer-1 blockchain known as HyperEVM, Hyperliquid functions as a decentralized derivatives exchange. With the acceleration of DeFi adoption, a solid reputation is steadily being established by Hyperliquid within the sector.
Significant attention has been drawn to the platform due to a headline-grabbing trade executed by a trader named James Wynn, who reportedly took a substantial $1.1 billion long position on Bitcoin using 40x leverage through Hyperliquid. This high-stakes move—associated with the wallet address “0x507”—generated profits exceeding $20 million for Wynn, underscoring the platform’s robust liquidity and its attractiveness to high-volume, professional traders.
Additional momentum was provided to Hyperliquid’s ascent on May 22, when the platform recorded $8.9 billion in open interest, daily trading fees exceeding $53 million, and $3.61 billion in USDC locked within its ecosystem. These milestone figures indicate growing adoption and confidence in the protocol.
USDT deposits have also been introduced by Hyperliquid in recent developments, and its active involvement with the U.S. Commodity Futures Trading Commission (CFTC) regarding DeFi regulations has further enhanced its credibility. A recent update from these ongoing discussions was shared just hours ago, reigniting dialogue within the crypto community.
Technical Outlook: Hyperliquid (HYPE) Displays Bullish Indicators
From a technical perspective, HYPE has been exhibiting a pronounced bullish trend, consistently charting higher highs and higher lows. However, on the 4-hour timeframe, indicators appear more mixed. A rising wedge formation—commonly viewed as a signal of potential reversal—is beginning to take shape. The Relative Strength Index (RSI) is positioned around 72, indicating overbought conditions. While the MACD remains in bullish territory, its histogram is displaying signs of weakening, suggesting that upward momentum may be starting to ease.
A rejection near the $39.60 mark could signal the formation of a double top pattern, often interpreted as a bearish indicator that may trigger a short-term price correction. Should this scenario unfold, support levels are expected to emerge around $35.43, $32.85, and $30.76, as indicated by Fibonacci retracement analysis.
Conversely, if the $39.60 level is surpassed by HYPE with significant trading volume, the price could be driven toward the psychological resistance zone ranging from $40 to $42.
HYPE’s ongoing rally has attracted widespread attention across the crypto community, and with its expanding ecosystem, strong user metrics, and rapid momentum, the project is being increasingly recognized as one to monitor closely. Although the trend continues to favor the bulls, attention should be paid to key technical levels and indicators to manage potential risks in the event of a market pullback.
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