Hyperliquid's native token, HYPE, has experienced a remarkable rally, soaring from a low of $9 on April 4 to a record high of $37 on May 23, 2025. At the time of reporting, HYPE was trading at $35.50, reflecting a 285% increase from its April low. This surge propelled Hyperliquid’s market capitalization to $11.2 billion and its fully diluted valuation to approximately $35.7 billion.
The impressive growth is supported by significant increases in trading volume, open interest, and network fees. According to DeFi Llama, Hyperliquid’s seven-day trading volume jumped 51% to $67.7 billion, making it the most active decentralized finance (DeFi) platform compared to PancakeSwap and Uniswap, which reported volumes of $40.2 billion and $25.26 billion, respectively. Hyperliquid has now facilitated over $1.53 trillion in perpetual futures trades, far exceeding the $309 billion handled by Jupiter, the second-largest perpetual futures exchange.
Weekly fees on Hyperliquid have hit record highs of $17 million, marking the fourth consecutive week of fee growth. The surge aligns with a broader crypto bull run, notably driven by Bitcoin’s recent record price. As perpetual futures gain traction in the crypto industry for their leverage and amplified returns, Hyperliquid benefits from increased trader interest. Coinbase’s acquisition of Deribit underscores institutional involvement and confidence in this market segment.
Technical analysis of HYPE’s price reveals a bullish cup-and-handle pattern on the eight-hour chart, suggesting further upside potential. The measured price target is $47, implying a 35% increase from current prices and a potential market cap nearing $15 billion.
However, caution is advised as technical indicators also reveal potential short-term volatility. The Relative Strength Index (RSI) has surged to 82.19, signaling overbought conditions that could prompt a pullback or consolidation. Additionally, the Bollinger Band Trend (BBTrend) indicator dropped sharply to -7.19, indicating a possible momentum reversal and increased downside pressure. Support levels to watch are $28.2 and $24.32, with risks extending down to $21.5 if bearish pressure intensifies.
