Hyperliquid’s native token, HYPE, has experienced a remarkable surge to a new all-time high, driven by soaring trading volumes and its growing dominance in both spot and derivatives markets. The token reached an unprecedented price of $50.99 on August 27th, marking a significant milestone in its recent rally. Over the past week, HYPE has seen a 22% increase, with a 14% surge in the last 24 hours alone.
Data from Coinglass reveals that Hyperliquid’s derivatives volume has climbed by 14.57% in the past 24 hours, reaching $3.05 billion, while open interest has surged by almost 17% to $2.33 billion. This increase in speculative positioning is indicative of the growing interest and confidence in the token. Additionally, over $1.76 million worth of short positions were liquidated, signaling that traders who were betting against the rally were caught off guard by the sudden uptrend.
The platform’s decentralized exchange metrics continue to strengthen, with spot trading volumes hitting a record $3.4 billion in a single day, as reported in Hyperliquid’s recent update on August 26th. This surge was largely driven by trading activities in Bitcoin and Ethereum markets, making Hyperliquid the second-largest venue globally for Bitcoin spot trading across both centralized and decentralized markets.
Monthly decentralized exchange volumes on Hyperliquid have surpassed $18 billion in August, surpassing the previous month’s $11 billion. The total value locked on the platform has also reached a new all-time high of $721 million, with annualized revenue running at $1.26 billion, indicating the protocol’s growing influence in the market.
Technical analysis of HYPE’s price chart shows a clear breakout above resistance at $49, with higher volumes and a relative strength index reading of 61, signaling increasing momentum without reaching overheated levels. The Commodity Channel Index at 195 indicates significant upward pressure, while the moving average convergence divergence indicator has flashed a buy signal after crossing into positive territory.
Looking ahead, the next resistance level for HYPE could be around $55 if it maintains support above $50. However, a potential drop back towards $45 may occur if traders start taking profits. With expanding Bollinger Bands suggesting higher volatility and moving averages skewed upward, the future performance of HYPE remains closely watched by market participants.