Key Insights
- HYPE price has continued its strong bull run and is nearing its all-time high.
- American investors are accumulating HYPE ETFs.
- The 30-day Hyperliquid’s volume is nearing the $220 billion milestone.
HYPE price continued its strong bull run and crossed a crucial resistance level as the crypto market rally gained steam. Hyperliquid’s token is also benefiting from the ongoing surge in volume in its perpetual futures platform. It has jumped to $85, up sharply from the July low of $51.
HYPE Price Prediction: Technical Analysis
The daily chart shows that the HYPE token has been in a strong bull run in the past few weeks. It has jumped from a low of $51.25 to the current $85.29. Along the way, the token has moved above the crucial resistance level of $76.80, its highest level in June 6. Moving above that level confirmed the bullish outlook.
The token has remained above the 50-day and 100-day moving averages, a sign that bulls remain in control. Also, the Relative Strength Index (RSI) has moved into the overbought zone at 78. The Average Directional Index (ADX) has jumped to 44. In most cases, an ADX figure of 20 and above is usually a sign that an uptrend or downtrend is gaining momentum.
Therefore, HYPE price has a bullish momentum in the near term. If this happens, the next key level to watch will be at $100. The bullish outlook will be invalid if it drops below the key support level of $76.80.
Hyperliquid is Benefiting From the Crypto Market Rally
The main reason behind the ongoing HYPE token rally is the performance of the crypto market that has pushed Bitcoin and other tokens to their highest levels in months.
This crypto rally has led to more demand for tokens like Bitcoin and Ether. According to CoinMarketCap, the daily volume handled by centralized and decentralized exchanges jumped to $95 billion in the last 24 hours.
According to DeFi Llama, Hyperliquid handled over $76 billion in coins over the last seven days. This, in turn, has brought the 30-day reported volume to $219 billion in the last 30 days, and is approaching the $220 billion milestone.
Its volume has been driven by the rising demand for tokens. Today’s daily volume shows that Bitcoin, Ethereum, Solana, and HYPE are leading in terms of volume. It is also benefiting from the rising demand for tokenized assets like Nvidia, SanDisk, S&P 500, and Micron.
Meanwhile, American investors are buying HYPE ETFs. Data shows that spot HYPE ETFs have had inflows in the last three days. They have now added over $37 million this month, a big reversal after they lost over $15 million a month earlier. They now have a cumulative inflow of $315 million and hold $419 million in assets. Grayscale’s HYPG holds $171 million in these assets, followed by Bitwise’s BHYP.
More investors are also staking their HYPE tokens. Its staking ratio has jumped t 45%, with the total staked tokens rising to over 450 million tokens. These tokens are now yielding 2.24%, slightly lower than Ethereum’s 2.8%.
Hyperliquid is also making substantial profits despite the recent crypto winter. It has made over $55 million in fees so far this month, slightly higher than the $54.5 million it made last month.
The year-to-date fees stood at over $529 million, lower than the $979 million it made last year. This is important because Hyperliquid typically burns most of its tokens, reducing the number in circulation. Hyperliquid has burned over 48.19 million tokens, which are now valued at close to $4 billion. Token burns are usually bullish because they reduce the number of tokens in circulation.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
