Hyperliquid's native token, HYPE, achieved a new all-time high of $44.79 on June 16, 2025, surpassing its previous peak of $43.96 reached just a week earlier. The token's market capitalization has grown to over $14.8 million, with a 25% increase in daily trading volume, signaling sustained trader interest and momentum.
The rally is underpinned by significant expansion in Hyperliquid’s Layer-1 blockchain ecosystem. Total value locked (TVL) has surged to $2.53 billion, marking over an 80% rise in the past month. Additionally, the total stablecoin supply on the platform increased from $2 billion in January 2025 to $3.73 billion, highlighting increased transaction activity and liquidity critical for decentralized trading and lending.
Hyperliquid’s perpetual exchange continues to dominate the decentralized derivatives market, processing roughly $246.8 billion in trading volume over 30 days — nearly three times more than the combined volume of other top decentralized perpetual platforms. Its competitive edge stems from offering up to 40x leverage, attracting aggressive short-term traders.
From a technical perspective, HYPE has confirmed multiple bullish breakout patterns on its daily USDT chart, including a pennant and a bull flag. The token also surpassed a major resistance level of $35.13, which had capped a long-term cup-and-handle formation since December 2024. Momentum indicators such as MACD and RSI are trending upward, suggesting strengthening buying pressure.
However, some short-term caution exists as whales and long-term holders—some sitting on multimillion-dollar profits—appear to be taking gains or hedging via short positions. About 51% of total whale positions and margin are currently shorted, indicating potential short-term volatility risks. If bullish momentum endures, HYPE may target a psychological resistance near $50, an 11.6% gain from current levels. Conversely, a break below $35 support could trigger a correction and invalidate the bullish outlook.