Hyperliquid is gaining serious momentum, both on the charts and under the hood, as bullish price action aligns with record-breaking platform growth on key metrics.
Hyperliquid (HYPE) price is up 15% in the past 24 hours, currently trading at $35.50, with the trading volume surging 130%.
With this surge, the price has now broken the local resistance at $28, marking the upper boundary of the consolidation range that held for almost two weeks after the previous leg up in early May that had lifted the price 30% to $25 level. The $28 level was also the key horizontal resistance that held firm from late December through late February.
With all the post-ATH resistances broken, the path is now clear to retest the $35 peak, after which HYPE would enter price discovery territory.
Moreover, today’s swing high marks the fifth consecutive higher high since HYPE price bottomed below $10 in early April. During this entire uptrend, the price has remained above both the 20 EMA and 50 SMA, with a bullish crossover between the two moving averages occurring in mid-April, further confirming the uptrend.
Momentum is decisively bullish, with MACD line over the singal line and green historgram rising. RSI is at 76, in the overbought territory, potentially signaling a short-term pullback or consolidation.
Alongside a strong technical setup, Hyperliquid’s derivatives trading platform is showing impressive growth across key metrics, further reinforcing the bullish outlook. Today, the platform hit several all-time highs: open interest reached $8.9 billion, daily trading fees surged to $5.4 million, and USD Coin (USDC) TVL climbed to $3.2 billion.
The spike in fees is particularly noteworthy as these revenues can potentially be reinvested into the protocol through token buybacks. If Hyperliquid reinvests a portion of the fees to repurchase HYPE tokens from the open market, it could potentially drive HYPE price much higher by reducing the circulating supply.
