Hyperliquid (HYPE) continues to make waves across the crypto derivatives space, setting fresh all-time highs (ATHs) in platform performance metrics even as its native token enters a short-term consolidation phase. The surge in activity underscores rising user interest and deepening liquidity in the protocol’s ecosystem.
Record-Breaking Metrics Fuel Momentum
In the past five days, Hyperliquid’s key indicators have surged:
- Open Interest (OI): Jumped from $8.9 billion to a new record of $10.1 billion (+13.5%)
- 24-Hour Trading Fees: Climbed from $5.4 million to $5.6 million (+3.7%)
- Total Value Locked (TVL) in USDC: Increased from $3.2 billion to $3.5 billion (+9.4%)
These new highs not only surpass last week’s records but also signal accelerating growth in trading activity and user engagement on the platform.
HYPE Price Rallies Over 300%, Now Pauses
The surge in platform performance closely followed a dramatic rally in the HYPE token, which recently reached an all-time high of $39.93, a massive 329% increase from its April 9 low of $9.30. The price action was driven by a bullish double bottom breakout, with the neckline around $17 breached on April 19.
Since then, HYPE has followed a clear uptrend, consistently printing higher highs and higher lows. However, the token is now cooling off slightly, down around 2% in the last 24 hours and trading near $37.50, hinting at a likely consolidation phase.
Indicators Suggest Short-Term Pause
Technical indicators point to a potential pause in upward momentum:
- The Relative Strength Index (RSI) sits at 77, signaling overbought conditions.
- Daily trading volume has dipped 25% to $358 million, though still robust.
- The EMA 20 remains above the SMA 50, a bullish crossover that has held firm since mid-April.
These suggest that while short-term momentum may be slowing, the broader trend remains bullish.
Eyes on $47 Target Amid Cooling Period
Looking ahead, technical patterns suggest a potential target of $47 once consolidation resolves, assuming bullish sentiment holds. The current cooldown phase may provide a healthy reset before the next leg up, giving room for further liquidity inflows and organic price support.
Hyperliquid’s explosive growth in open interest, fees, and USDC deposits positions it as a rising powerhouse in the DeFi derivatives space. While the HYPE token cools off after a meteoric rise, the fundamentals remain strong. Consolidation at current levels could set the stage for the next breakout, with traders eyeing $47 as the next key resistance.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
