Hyperliquid (HYPE) Price: Token Hits All-Time High of $37 on Volume Surge

TLDR

Table of Contents

HYPE token surged to an all-time high of $37 on May 23, marking a 285% increase from its $9 April bottom
Hyperliquid became the top DeFi platform by volume with $67.7 billion in weekly trades, surpassing PancakeSwap and Uniswap
Platform fees climbed to a record $17 million weekly as total perpetual futures volume exceeded $1.53 trillion
Chart analysis reveals a cup-and-handle pattern with a $47 price target, indicating 35% potential upside
Token’s price action mirrors Solana’s 2021 pattern, with technical indicators suggesting possible 240% gains through July

The HYPE token from Hyperliquid reached its highest price ever at $37 on Friday, May 23. This continues a strong upward trend that started April 4 when the token hit its lowest point at $9.

HYPE was changing hands at $35.50 when this article was written. The token’s market value has grown to $11.2 billion while its total supply valuation sits at $35.70 billion.

The price jump comes as more traders use the Hyperliquid platform. Data from DeFi Llama shows weekly trading volume rose 51% to reach $67.7 billion.

This volume makes Hyperliquid the busiest decentralized finance platform. PancakeSwap handled $40.2 billion in trades during the same week. Uniswap processed $25.26 billion worth of transactions.

Hyperliquid has now facilitated perpetual futures trades totaling more than $1.53 trillion. This far exceeds Jupiter’s $309 billion, which ranks as the second-largest perpetual futures platform.

Fee Revenue Reaches New Heights

Higher trading volume has pushed platform fees to record levels. DeFi Llama numbers show Hyperliquid collected $17 million in fees during the past week. Fee income has grown for four straight weeks.

The volume and fee increases happened as cryptocurrency markets rallied. Bitcoin set a new all-time high on Thursday, which helped lift alternative coins higher.

Perpetual futures contracts have gained popularity among crypto traders. These derivatives work like traditional futures but never expire. Traders like them because they can use borrowed money to increase potential profits.

Major cryptocurrency exchanges are expanding into this market. Coinbase bought Deribit recently to grow its derivatives trading business.

Chart Patterns Signal More Gains Possible

Price chart analysis suggests HYPE could rise further. The eight-hour timeframe shows a cup-and-handle formation has developed. This pattern includes a flat support area, curved bottom, and sideways price movement.

The cup portion dropped about 67% from peak to trough. Using this same measurement from the pattern’s top suggests a price target of $47. This would represent roughly 35% growth from current levels.

Reaching this target would push HYPE’s market value close to $15 billion. The current pattern looks similar to how Solana traded in early 2021.

Solana broke out of a long sideways pattern in January 2021. This breakout led to a sharp rally that took SOL from $4.90 to approximately $19 in less than two months. The move represented a 291% gain.

HYPE’s daily chart displays comparable bullish characteristics after its 270% recovery from April lows. The token broke above its 1.0 Fibonacci level at $35.88 on May 23.

HYPE’s relative strength index has climbed above 84, entering extremely overbought territory. This matches how Solana’s momentum indicator looked during its 2021 surge.

If HYPE follows this historical pattern, the next target sits near $51.68 at the 1.618 Fibonacci extension. The 4.618 level around $128 could mark the rally’s peak, which would mean a 240% increase from the recent breakout area.

Crypto analyst Ansem points out that Hyperliquid’s goals match what Solana and FTX tried to create together. However, Hyperliquid runs completely on blockchain technology rather than using centralized systems.

early solana 2021 vs. hyperliquid 2025 price action fractal
goal of solana + FTX very similar to goal of Hyperliquid w/ HyperCore & HyperEVM, except w/ $HYPE the perpetuals exchange is fully on-chain w/ ~97% of revenue going directly back to token holders
all time highs soon pic.twitter.com/WebRG2Vh0I
— Ansem 🐂🀄️ (@blknoiz06) May 22, 2025

The platform returns nearly 97% of trading revenue directly to HYPE token owners. At press time, HYPE traded at $35.50, maintaining its 285% gain from the April low of $9.

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