TLDR
- Hyperliquid (HYPE) reached a new all-time high of $39.39 on May 26, 2025
- The token has surged 300% since April 7 lows and gained 11% in the past 24 hours
- Technical analysis suggests HYPE could target $45-56 based on wave patterns and Fibonacci levels
- The platform hit record open interest of $1.2 billion and daily trading volumes of $570.5 million
- Whale activity includes $10 million in purchases at the $34 price level supporting the rally
Hyperliquid (HYPE) reached a new all-time high of $39.39 on May 26, marking another milestone in its impressive rally since April. The decentralized exchange token has gained 11% in the past 24 hours alone.
The token has delivered a 300% return since hitting lows around $10 on April 7. This performance has positioned HYPE among the top-performing assets in the current crypto market cycle.
Trading volume has exploded alongside the price movement. Daily volumes reached $570.5 million on Saturday, a massive increase from May’s earlier lows of just $78 million.
Hyperliquid hit multiple all-time highs today, including:
+ Open interest: $8.9B
+ 24h fees: $5.4M
+ USDC TVL: $3.2BOnchain, transparent markets are the future. pic.twitter.com/DBUWZZEkgk
— Hyperliquid (@HyperliquidX) May 22, 2025
The breakout occurred on May 21 when HYPE decisively broke above the $27.50 resistance level. This cleared the path for the token to reach fresh all-time highs after being trapped in a descending parallel channel.
Following the breakout, the rally turned parabolic. HYPE surged over 50% in under a week to reach today’s peak.
Technical indicators remain supportive of the upward trend. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue trending higher.
Both indicators are in overbought territory but have not formed bearish divergences. This typically serves as a warning sign of potential reversals.
Wave Analysis Points to Final Phase
Wave count analysis suggests the rally may be approaching its final phase. According to this technical framework, HYPE completed a correctional structure on April 7.
This was followed by the start of a five-wave impulsive move upward. If this structure holds, HYPE is now in the fifth and final wave of the current bullish cycle.
Extended fifth waves can often mirror the combined length of earlier waves. Based on this projection, the next potential target sits at $44.65.
Should momentum continue accelerating, a more ambitious extension could take HYPE as high as $56.70. This level corresponds to the 1.61 Fibonacci extension.
Platform Fundamentals Drive Growth
The Hyperliquid platform has experienced record-breaking activity levels. Open interest crossed $1 billion for the first time in the platform’s history and currently sits at $1.2 billion.
Total value locked (TVL) has grown from $254 million in early April to $455 million currently. This represents substantial growth in user deposits and platform usage.
DEX volume has increased from April lows of $42.67 million to peaks exceeding $590 million. This indicates rapid growth in the platform’s user base and trading activity.
Around 97% of all trading revenue returns directly to HYPE token holders. This creates underlying value for long-term investors through the platform’s fee-sharing mechanism.
🚨 Bitcoin $BTC whale James Wynn flips short!
After riding a $125M long, the Hyperliquid trader closed it and flipped short with a new $110M position📉
According to Lookonchain his liquidation price is $149,100, interesting to see how it plays out 👀 pic.twitter.com/xSBiMB3BvA
— Trader Edge (@Pro_Trader_Edge) May 25, 2025
Recent whale activity has provided additional fuel for the rally. Two large whales purchased tokens worth approximately $10 million at the $34 price point.
This buying activity helped create momentum and triggered liquidations of short positions. The market has seen almost $753,000 in short liquidations over the past 24 hours.
Technical analysis draws parallels to Solana’s breakout pattern from early 2021. SOL experienced a 300% surge after breaking above key Fibonacci levels.
HYPE recently surpassed its 1.0 Fibonacci retracement level at approximately $35.88 on May 23. Analysts suggest this could trigger a similar explosive movement.
The platform’s on-chain architecture provides a low-cost, high-performance trading experience. This has attracted both institutional and retail traders to the ecosystem.
HYPE is currently trading above $38 with immediate targets at $42.25 and the psychological $50 level.
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