Hyperliquid is gaining bullish traction, fueled by a sharp rise in bridge deposits and anticipation of major network upgrades. At the time of writing, HYPE is trading at $39.85, marking a 6% gain over the past 24 hours. The token has traded between $35.50 and $41.02 over the last week and now sits just 12% below its all-time high of $45.57, reached on June 16.
This recent price uptick coincides with a significant influx of capital. According to blockchain analytics firm Purrsec, bridge deposits into Hyperliquid have ballooned from approximately $500 million in late 2024 to nearly $4 billion. The surge underscores growing user confidence and improved capital efficiency across the platform.
Hyperliquid has also cemented its dominance in the decentralized perpetuals market, now accounting for more than 75% of the total trading volume. Data from DeFiLlama shows the protocol handled $220 billion in volume over the past 30 days—over six times more than its closest competitor. Cumulative trading volume has surpassed $1.1 trillion, with weekly activity ranging between $50 billion and $75 billion.
Momentum is also being driven by a series of upcoming upgrades. The imminent launch of CoreWriter will enable native communication between HyperEVM applications and HyperCore, the protocol’s high-performance trading engine. This integration is expected to significantly enhance speed, composability, and efficiency across the ecosystem.
Two additional developments are underway. First, HIP-3—a governance proposal—aims to introduce permissionless perpetual markets, allowing any user who meets a staking threshold to list new assets. If passed, this could expand market diversity and increase protocol revenue. Second, HyperEVM is seeing deeper integration, with third-party developers building new capabilities. Ongoing integrations with Gelato and Stargate are set to improve automation and cross-chain connectivity, making the DeFi environment more modular and resilient.
On the technical side, HYPE appears poised for a breakout. The token is trading near the upper Bollinger Band, signaling upward pressure and heightened volatility. Meanwhile, the Relative Strength Index (RSI) sits at 56.97—neutral territory that suggests further upside potential without being overbought.
Recent trading sessions have shown a modest uptick in volume, signaling a resurgence of trader interest. With momentum building, HYPE has established firm support around its 20-day simple moving average. The formation of higher lows, combined with widening Bollinger Bands, points toward a potential bullish breakout.
If HYPE manages to break above the $41–$42 resistance zone, the next major target would be a retest of its all-time high near $45. However, failure to hold above the $38 level could lead to a pullback toward the $35.50 support area.
