Hyperliquid's native token HYPE exhibits a robust bullish structure, consolidating just below its all-time high (ATH) of $49.86 with critical support holding at $42.24. This level, formerly a resistance zone, has flipped into a demand area backed by rising trading volume, signaling high breakout potential into price discovery. Technical analysis highlights sustained higher highs and lows, with the $42.24 support confluence acting as a launchpad for renewed upward momentum.
Concurrently, the Hyperliquid decentralized derivatives platform achieved unprecedented metrics: $29 billion in 24-hour trading volume and $7.7 million in fees, per Cointelegraph. This surge stems from market volatility, growing trader preference for non-custodial platforms amid centralized exchange risks, and Hyperliquid's enhanced infrastructure enabling slippage-free large trades. The milestone underscores DeFi's capacity to rival centralized exchanges, reflecting broader industry adoption trends.