Hyperliquid (HYPE) has been maintaining its all-time high over $40 in recent days. The token has risen nearly 70% in the past 30 days, establishing itself as one of the top 10 cryptocurrencies by market capitalization, excluding stablecoins and wrapped assets.
This surge occurred as Hyperliquid dominated the perpetual contract market and recorded the highest returns in cryptocurrency. Due to strong momentum and technical indicators of an upward trend, HYPE has been firmly in the spotlight.
Hyperliquid, Overwhelming Trading Volume in Futures Market
Hyperliquid has established a firm dominance in cryptocurrency perpetual contracts, with market share surging from 63.7% in December 2024 to 79.9% today.
Weekly trading volume ranges between $50 billion and $75 billion, overwhelmingly surpassing its closest competitor Jupiter's range of $40 billion to $70 billion. Hyperliquid stands in a unique position in perpetual contract trading activity.
Generating nearly $65 million in revenue over the past 30 days, it is positioned just behind stablecoin giants Tether and Circle, surpassing established names like TRON, PancakeSwap, Axium, and Pump.
In the past 24 hours, Hyperliquid generated $2.5 million in revenue, and despite recent controversy surrounding James Win's trade, the token has reached an all-time high. Recently, HYPE was listed on Binance US, and analysts predict it might be listed on Binance next.
RSI Peak Followed by Decreased Interest... Maintaining Momentum
HYPE, Hyperliquid's native token, cooled to 67.27 after reaching 77.63 yesterday, but remains significantly higher than the 50.85 from two days ago.
RSI is a momentum indicator between 0 and 100, typically used to identify overbought or oversold conditions. Levels above 70 indicate a potential overbought state, while levels below 30 suggest an oversold state.
With HYPE positioned just below the overbought threshold, this suggests that upward momentum remains, though buying pressure might slow after the sharp rise.
Another key indicator, BBTrend, is currently at -0.9 for HYPE, up from -4.11 the previous day, but maintaining a negative state for three consecutive days. BBTrend (Bollinger Bands Trend) measures price strength relative to volatility bands, with positive values typically indicating upward trend strength and negative values suggesting weakness or correction.
The -0.9 BBTrend suggests the price is still in a correction or weakness phase, but a sharp recovery from low values implies momentum is stabilizing.
These indicators point to a cooling phase for HYPE, where a strong rally might temporarily pause, but signs of a new bullish trend are beginning to emerge.
HYPE Maintains $40... Next Target $45
HYPE has maintained levels above $40 since yesterday, with short-term moving averages continuing to position above long-term moving averages, signaling ongoing upward momentum.
This alignment reflects healthy market sentiment, indicating buyers are still in control.
As long as this setup is maintained, an upward trend is likely to continue. The next major test is the $45 region.
However, downside risks are clearly defined. If momentum weakens and HYPE retests the $38.2 support level, a break below could trigger a deeper correction.
In such a case, the price could drop to $32.62, and if that level fails to hold under strong selling pressure, HYPE might fall to $30.64.
