Hyperliquid’s native token, HYPE, has reclaimed the $40 mark, trading at $40.56 at press time—a 7% gain over the past 24 hours and a 15% increase in the last seven days. This recovery reflects growing confidence in the platform amid a surge in decentralized exchange (DEX) activity and on-chain momentum.
The rebound is particularly notable given HYPE’s recent volatility. The token had dipped to a monthly low of $32.62 on June 22, marking a sharp correction from its all-time high of $45.57 set just days earlier on June 16. A steep 25% drop in four days followed its peak, dragging sentiment lower. However, the latest price action signals renewed strength, with HYPE now trading just 11% below its historic high.
Surge in Decentralized Exchange Volume
One of the most compelling drivers behind HYPE’s resurgence is the explosive growth in Hyperliquid’s DEX trading volume. According to DeFiLlama data, June’s decentralized trading volume reached **$11.44 billion**—the highest monthly total since December 2024 and a dramatic increase from April’s $4.86 billion.
This represents an 18% month-over-month rise from May’s $9.66 billion, highlighting accelerating user adoption and platform utilization. The sharp uptick suggests that traders are increasingly favoring Hyperliquid for its performance, low latency, and robust derivatives offerings.
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Growing Total Value Locked Signals Confidence
Beyond trading volume, another key metric underscores growing trust in the ecosystem: Total Value Locked (TVL). Hyperliquid’s TVL has surged more than fivefold since April, climbing from approximately $330 million to **$1.8 billion** as of press time.
This rapid capital inflow indicates strong institutional and retail interest, likely fueled by improved infrastructure, yield opportunities, and confidence in the platform’s long-term viability. In decentralized finance, rising TVL often precedes sustained price appreciation for native tokens—making this trend particularly bullish for HYPE.
Technical Analysis: Momentum Builds, But Caution Remains
From a technical perspective, HYPE is displaying clear signs of strength—though not yet overbought. The Relative Strength Index (RSI) sits at 60 and trending upward, placing it in a healthy bullish zone without entering overextended territory.
Momentum indicators further support the upward bias:
- The 10-day momentum indicator shows a positive reading of 7.31.
- The Moving Average Convergence Divergence (MACD) is approaching a bullish crossover.
- All major moving averages—including 10, 20, 30, 50, 100, and 200-day exponential and simple variants—are aligned above price, reinforcing the ongoing uptrend.
These signals suggest that HYPE is building momentum above key support levels, with strong buying interest sustaining the rally.
However, not all indicators confirm a full-blown bull run just yet. Oscillators like the Average Directional Index (ADX) and Awesome Oscillator remain in neutral territory, indicating that while upward movement is present, a strong directional trend has not yet been firmly established.
Additionally, Bollinger Bands are tightening around the current price—often a precursor to increased volatility. A breakout in either direction could follow, depending on broader market sentiment and continued volume strength.
Price Outlook: Can HYPE Retest Its All-Time High?
The path forward for HYPE hinges largely on whether recent DEX volume trends can be sustained. If trading activity continues to grow, a break above $41.50** could open the door to a retest of the all-time high at **$45.57.
Such a move would likely attract renewed speculative interest and potentially draw in new investors seeking exposure to high-growth DeFi projects with proven traction.
On the downside, failure to hold above the $38–$39 support range could trigger short-term profit-taking. Should overall market sentiment sour—particularly in the broader crypto derivatives space—a pullback toward $35 cannot be ruled out.
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- Hyperliquid
- HYPE token
- DEX volume
- DeFi trading
- Total Value Locked
- Crypto price analysis
- Blockchain derivatives
- On-chain activity
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Frequently Asked Questions (FAQ)
Q: What is Hyperliquid?
A: Hyperliquid is a decentralized derivatives exchange built on its own Layer 1 blockchain. It offers fast order execution, low fees, and advanced trading features for perpetual futures and spot markets.
Q: What factors are driving HYPE's price recovery?
A: The primary drivers include record-breaking DEX trading volume in June ($11.44B), a fivefold increase in Total Value Locked (TVL), and positive technical indicators showing strengthening momentum without overbought conditions.
Q: Is HYPE overbought right now?
A: No. With an RSI of 60 and neutral readings on some oscillators like ADX, HYPE remains in a healthy accumulation phase—not yet overbought—suggesting room for further upside if volume holds.
Q: What happens if HYPE breaks above $41.50?
A: A sustained breakout above $41.50 could signal strong bullish momentum and pave the way for a retest of its all-time high at $45.57, especially if on-chain activity remains robust.
Q: What are the risks for HYPE in the short term?
A: The main risk lies in failing to maintain support between $38 and $39. A breakdown below this zone—especially amid weakening market sentiment—could lead to profit-taking and a potential drop toward $35.
Q: How does Hyperliquid compare to other DEXs?
A: Hyperliquid stands out due to its high-speed L1 blockchain optimized for trading, deep liquidity pools, and growing ecosystem of derivatives products—making it a preferred choice for active traders in the DeFi space.
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Final Thoughts
Hyperliquid’s resurgence is more than just a price rebound—it reflects deeper fundamentals at play. With record DEX volumes, rapidly expanding TVL, and favorable technical positioning, HYPE is reasserting itself as a leading player in the decentralized derivatives landscape.
While caution is warranted given tightening Bollinger Bands and mixed oscillator signals, the overall trajectory remains optimistic. For traders and investors monitoring emerging DeFi innovators, Hyperliquid offers a compelling case study in how on-chain activity can drive sustainable token value.
As decentralized finance evolves, platforms that combine speed, scalability, and real usage—like Hyperliquid—are likely to lead the next phase of growth.