Hyperliquid’s native token HYPE has surged roughly 35% in seven days, rising from about $59 on Aug. 18 to $79.50 by Aug. 24. The rally accelerated on Aug. 20 when HYPE broke above $60 and quickly pushed through $70, later trading above $80 and briefly near $83 before profit-taking emerged.
A major catalyst came after US President Donald Trump said on Aug. 19 that CFTC Chair Mike Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” That boosted expectations for a regulated US route for the decentralized derivatives platform.
Platform activity also strengthened. Hyperliquid generated about $6.2 million in fees on Aug. 23, exceeding combined fees of several leading blockchain networks. Fee growth matters for HYPE because part of Hyperliquid's revenue is directed toward token purchases through the Assistance Fund.
Hyperliquid Improvement Proposal 3, or HIP-3, has allowed outside builders to deploy perpetual markets. Trade[XYZ] became the largest participant in that infrastructure and generated roughly 55% of Hyperliquid's trading volume in August, according to Coin Metrics. HIP-3 builders introduced markets tied to stocks, commodities, indices, chipmakers and compute-related assets, reducing reliance on crypto perpetuals. On Aug. 18, the Hyperliquid Policy Center and trade[XYZ] submitted a proposal to the SEC seeking a framework for pre-IPO perpetual contracts.
Technically, daily indicators remain bullish: Aroon Up is 92.86% and Chaikin Money Flow is around 0.22. The immediate resistance is $82-$84, with $90, $95 and $100 as upside targets. Support sits at $74-$76, followed by the 4-hour Supertrend around $72.67. Stochastic RSI has reset into oversold territory, suggesting HYPE may need to consolidate before another leg higher.
