Hyperliquid’s native token, HYPE, has surged back above the $40 level, trading at $40.56 at the time of writing—up 7% in the past 24 hours and 15% over the past week. This marks a notable rebound from its monthly low of $32.62 recorded on June 22. The token last crossed the $40 mark on June 18, just before a steep 25% drop over the following four days. Now, HYPE is trading just 11% below its all-time high of $45.57, reached on June 16.
The recent price recovery aligns with a significant uptick in on-chain activity. According to DeFiLlama, Hyperliquid saw $11.44 billion in decentralized exchange volume in June—the highest monthly figure since December 2024. This represents a more than twofold increase from April’s $4.86 billion and an 18% rise over May’s $9.66 billion, signaling growing platform usage and renewed trader confidence.
Hyperliquid’s total value locked (TVL) has also seen a dramatic rise, increasing more than fivefold from roughly $330 million in April to $1.8 billion at press time.
From a technical perspective, HYPE is showing signs of strength while remaining in neutral territory. The Relative Strength Index (RSI) is currently at 60 and trending upward, suggesting building momentum without yet reaching overbought conditions.
Momentum indicators are turning bullish, with a positive 10-day momentum reading of 7.31 and the Moving Average Convergence Divergence (MACD) nearing a potential crossover. Most moving averages are signaling a buy, with the 10, 20, 30, 50, 100, and 200-day simple and exponential moving averages all supporting the current uptrend. This alignment suggests HYPE is trading comfortably above key support levels.
However, not all signals are fully aligned. Oscillators like the Average Directional Index (ADX) and the Awesome Oscillator remain in neutral territory, indicating that while upward momentum is building, a clear trend confirmation has yet to emerge. Meanwhile, the Bollinger Bands are tightening, hinting at an imminent spike in volatility that could push the price strongly in either direction.
If decentralized exchange (DEX) volumes continue their upward trajectory, a breakout above $41.50 could open the door for a retest of HYPE’s all-time high at $45.57. On the flip side, failure to hold the $38–$39 support range could trigger short-term profit-taking, with the potential for a drop toward $35 if broader market sentiment weakens.
