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$HYPE is climbing toward its all-time high with a 4.5% jump to $45.62, backed by strong trading volume and deep liquidity.
The token is now testing a key resistance level that could determine its next major move. A wave of strong protocol developments and economic upgrades is creating new utility and demand for the token. While the outcome remains uncertain, the combination of solid fundamentals and technical strength suggests this rally has substance beyond short-term speculation.
HIP-3 and stHYPE: Builders, Staking, and Liquidity Deepen $HYPE Demand
Hyperliquid’s $HYPE is the native token of a high-throughput Layer-1 blockchain that powers perpetuals DEX using a fully on-chain Central Limit Order Book (CLOB) and supports smart contracts through its integrated EVM (HyperEVM).
$HYPE is used for gas, staking, and governance. With HIP-3, builders can deploy permissionless perp markets by staking 1M $HYPE tokens as a security bond and share fees with backers, further tightening token and product alignment.
On fundamentals, Hyperliquid routes protocol fees into its Assistance Fund and HLP, which programmatically buys back $HYPE.
Analyses and on-chain data indicate that protocol revenue is split between the Assistance Fund and HLP is 54% and 46%, respectively.
According to DefiLlama, $HYPE has a TVL of about $686M, $5.4M in 24-hour fees, and $104M in 30-day fees — reflecting steady cash flow that supports the token.
The ecosystem shows sizable traction, with on-chain activity reaching over 44,000 daily active addresses in June, averaging around 33,000 in the first half.
Growth is supported by the addition of liquid staking via stHYPE and further strengthened by Valantis’ acquisitions.
Furthermore, HyperEVM, the Ethereum-compatible smart contract layer launched in February 2025, quickly gained traction — reaching nearly $2 billion in TVL as of mid‑July, ranking it among the top ten Layer-1 blockchains in DeFi.
Its integration with HyperCore via the July 5 CoreWriter release enabled seamless DeFi composability, further driving ecosystem expansion.
These factors provide significant distribution and liquidity advantages for the $HYPE token.
$HYPE Builds Momentum as Bullish Pennant Resolves on Rising Demand
The latest breakout on $HYPE reveals a technical setup that’s beginning to unfold with increasing bullish intent.
Early signs of accumulation emerged through subtle but steady buying activity across recent hourly sessions, as shown in the footprint chart.
The total buy volume gradually outpaced sell volume even during periods of price consolidation, hinting that bulls were absorbing offers rather than chasing the asset’s price. What this buildup does is that it creates a foundation of demand beneath the surface — and now, price appears to be reacting.
Looking closely into the 1-hour timeframe, $HYPE has formed a classic bullish pennant, where the token’s price tightened between higher lows and lower highs after a strong impulse leg from $42 to $47.
That consolidation allowed momentum to cool off just enough for a reset, supported by a rising 20-period simple moving average (SMA), which recently crossed back above the longer-term 100-period SMA, a shift that often signals trend re-acceleration.
These SMAs now sit near $45.75 and $43.70, respectively, and could act as dynamic support zones on any retest. We can also confirm the pennant breakout from the volume data attached here.
Not only did we see an increase in raw volume on the breakout candle, but a glance at the volume footprint chart shows multiple green deltas stacking around the $45-$46 region.
While there was some initial profit-taking, evidenced by minor negative delta bars shortly after the breakout, bulls maintained control without a significant retreat.
Interestingly, sellers failed to gain momentum even during attempts to push the price back below $45; those efforts were met with quick absorption.
Momentum indicators are playing along, too. The RSI crisscrossed around neutral during the consolidation period, but it has begun to tilt upward. The MACD, on the other hand, tells a different story. The MACD has crossed above the signal line and may be gearing up for another leg higher. These shifts reflect a market transitioning from uncertainty to conviction.
With $HYPE now trading just above the former pennant resistance, the path toward the projected target near $50 appears technically supported. As long as volume remains healthy and the price continues to respect the moving averages, bulls could keep the upper hand.
