HYPE, the native token of Hyperliquid, hit a new all-time high of $44.69 on June 16 and appears poised for further gains after breaking out of multiple bullish technical setups.
According to data from crypto.news, this latest high surpassed its previous record of $43.96 set just last week. Hyperliquid’s (HYPE) market capitalization rose to over $14.8 million, while daily trading volume climbed 25% compared to the previous day, reflecting continued interest and momentum among traders.
The rally has been supported by significant growth in Hyperliquid’s Layer-1 ecosystem.
Data from DeFi Llama shows that the total value locked on Hyperliquid has surged to $2.53 billion, marking an increase of over 80% in the past 30 days.
Hyperliquid’s total stablecoin supply on its Layer-1 chain has also increased to $3.73 billion, up from $2 billion in January 2025.
This growth underscores increased transactional activity and liquidity across its ecosystem, with stablecoins often serving as the backbone for decentralized trading and lending applications.
Hyperliquid’s perpetual exchange has also continued to assert dominance within the derivatives space. Over the past 30 days, it has processed over $246.8 billion in trading volume, nearly triple the combined volume of the other top-ten decentralized perpetual platforms.
The exchange’s competitive edge is largely attributed to its high leverage offerings, allowing users to access up to 40x leverage, a feature that has attracted aggressive short-term traders.
Further on-chain data shows whales have been increasingly accumulating HYPE tokens over the past few weeks.
Hype price analysis
From a technical standpoint, HYPE has confirmed multiple bullish breakout patterns on the 1-day USDT chart. On June 9, the token broke out of a bullish pennant formation, a continuation pattern that typically signals the resumption of an uptrend.
Following this, HYPE also rallied above a bull flag pattern that had developed over the past week, further validating bullish sentiment.
Moreover, the token has breached a critical resistance zone at $35.13, which had previously marked the upper boundary of a long-term cup-and-handle pattern that began forming in December 2024. The breakout above this level represents a significant technical milestone, often viewed as a signal for sustained upward movement.
Momentum indicators also support the bullish case with both the MACD and RSI lines trending higher on the 4-hour chart, suggesting strengthening upward momentum and increased buying pressure.
However, there are some risks. Notably, whales and long-term holders could be looking to lock in some gains, which is typical when an asset hits an all-time high.
For instance, Onchain Lens reported that a whale who held a long position in HYPE is currently sitting on profits of over $13.7 million.
Meanwhile, Coinglass data shows that Hyperliquid whales are tilting slightly bearish, with 51.09% of total positions and over 50.8% of margin currently allocated to shorts.
This positioning may be indicative of short-term caution, as whales often hedge or reduce long exposure at key resistance levels to manage downside risk. While not necessarily a sign of a broader bearish reversal, it could contribute to short-term volatility.
Therefore, if bullish momentum persists, the token could next target the psychological resistance level of $50, up 12.8% from the current price level.
On the contrary, if whale activity intensifies on the sell side or if broader market sentiment weakens, a drop below the $35 support level would invalidate the current bullish outlook and potentially signal the start of a deeper correction.
