Hyperliquid Price News: HYPE Could Break New Records as Trading Volumes Explode

Trading volumes have skyrocketed in the past 24 hours, surging by more than 170% at around $400 million.

Open interest within the platform surged to a new record of $8.9 billion while cumulative trading volumes are now getting close to $900 billion.

The platform also announced a new record in its total value locked (TVL) measure in USDC, as this metric surged to $3.7 billion.

Bitcoin-linked perpetual futures and spot market activity account for the largest share of the platform’s trading volumes. Hence, at a point when the top crypto is drawing significant attention from investors as it reached a new price record, Hyperliquid’s trading activity will benefit tremendously.

HYPE is one of the best-performing tokens in the top 20 with monthly gains of 53.5% as the market’s recovery provides a strong tailwind to its decentralized trading platform.

What makes this protocol stand out from competitors like Uniswap and Raydium is that it operates on its own layer-one blockchain.

This allows Hyperliquid to offer more competitive fees and maintain full control over the transaction settlement process and network stability.

HYPE Breaks Key Resistance with Strong Volumes

Looking at the daily chart, the price has broken above what we considered the key resistance to watch in our latest Hyperliquid price prediction.

This confirms an upcoming push to the token’s all-time high, which currently sits at $35 per token.

In addition, HYPE has surged above its point of control (PoC), meaning that bulls have now gained control over the price action as they pushed the price above the most relevant price area for the token measured by where trading volumes have been concentrated primarily throughout the year.

Strong trading volumes at the time of this breakout confirm this buy signal. However, momentum indicators are heavily stretched at the time. This means that the rally could experience some strong pullbacks along the way and could possibly head down to retest the $30 level.

If that happens, it may be a good opportunity for late buyers to enter the rally at a point when HYPE will likely eye the $40 level as the next psychological target.

The key support areas to watch down the road are the 21-day and 50-day exponential moving average (EMA). As long as the price manages to stay above these thresholds, the rally will likely continue to higher highs.

HYPE Maintains Bullish Structure at Lower Timeframes

Looking at a lower time frame, the price action has maintained its bullish structure and has already retested its former higher high. Trading volumes have been strong at these levels as the American session just started.

The $27.8 level could be a landing zone in case of a strong pullback at these levels as this was a former area of resistance from which the price retreated before this recent bullish breakout toward the $30 level.

Meanwhile, the key support to watch is $32. As the price has already bounced off its structural support, it should make a higher high. Otherwise, a retreat will confirm that the price action has entered a phase of exhaustion.