Hyperliquid’s native token HYPE has shattered previous records by surging 10% to establish a new all-time high of $44.86, pushing its market capitalization to $14.876 billion and making it the 8th largest cryptocurrency by market cap.
This remarkable ascent comes despite global market uncertainty stemming from the ongoing Israeli-Iran conflict, which has kept Bitcoin’s recovery modest at just 1.6% since hostilities began.
Hyperliquid: One of The Fastest-Growing Crypto Companies
The explosive growth reflects the broader success of Hyperliquid’s perpetual exchange ecosystem, which has processed over $4 billion daily perpetual trading volume while maintaining $1.888 billion in total value locked across its DeFi protocols.
The token’s meteoric rise builds upon momentum established just six days earlier, when HYPE first breached the $40 threshold on June 10. It climbed from a $3 billion market cap to its current $14.8 billion valuation faster than most analysts anticipated.
The platform’s fundamental strength is evidenced by its dominant position in the decentralized perpetual trading space, having recorded $248 billion in trading activity during May 2025 alone.
This volume represents nearly triple the combined activity of the next ten largest decentralized perpetual platforms, all because of its high leverage offerings of up to 40x.
The ecosystem’s robust health is further demonstrated by its stablecoin market cap of $3.734 billion, daily application revenue of $1.11 million, and bridged total value locked of $4.684 billion.
Hype All-Time High: Whale Games and Capital Magnet Drive Massive Rally
The current price surge has been significantly influenced by sophisticated whale activity. On-chain data reveal strategic accumulation patterns that have created a feedback loop of demand and price appreciation.
One notable whale purchased 259,367 HYPE tokens for $9.976 million at an average price of $38.46, with this investor reportedly realizing over $10 million in lifetime profits from HYPE trades.
Market sentiment analysis reveals overwhelming bullishness, with social media posts expressing unanimous confidence in HYPE’s trajectory toward the psychological $50 barrier and beyond.
The Chaikin Money Flow indicator shows strong capital inflows following a period of outflows that had driven the metric to two-month lows, signaling renewed investor confidence.
However, liquidation mapping reveals potential volatility ahead, with approximately $3.15 million in long positions vulnerable to liquidation should the price drop to $36.20 and break the critical $40.14 support level.
Technical Analysis Points to Continued Upside Potential
From a technical perspective, HYPE has confirmed multiple bullish breakout patterns that suggest substantial upside potential remains intact.
On June 9, the token successfully broke out of a bullish pennant formation, followed by a rally above a bull flag pattern developed over the previous week.
Most significantly, HYPE breached the critical resistance zone at $35.13, which represented the upper boundary of a long-term cup-and-handle pattern that began forming in December 2024. This marked a crucial technical milestone for sustained upward movement.
The Elliott Wave analysis reveals a compelling narrative. HYPE appears to complete a five-wave impulse sequence, with current price action potentially representing the final wave 5 of the broader bullish cycle.
The wave structure shows clean impulsive characteristics with minimal overlapping, indicating strong underlying demand and limited supply pressure.
Momentum indicators strongly support the bullish outlook, with MACD and RSI lines trending higher on shorter timeframes. This suggests strengthening upward momentum and increased buying pressure.
HYPE appears positioned for further upside potential given the successful breach of major resistance and the establishment of new all-time highs. The immediate target zone would likely be in the $50-55 range, representing a Fibonacci extension from the recent wave structure.
However, traders should monitor for any signs of exhaustion near current levels, as the asset has experienced a parabolic move from the $12-15 support base established in March-April.
More ambitious projections using the 161.80% extension target $67, while the 261.80% extension reaches toward $102, aligning with social media speculation about HYPE’s potential to reach $100 by year-end.
However, risks remain as whale positioning data from Coinglass shows 49.09% of total positions and over 51.8% of margin currently allocated to shorts, indicating some institutional caution at current levels.
This positioning may contribute to short-term volatility as whales often hedge exposure at key resistance levels.
The key support level to monitor remains the $40.14 threshold, as any sustained break below this level would invalidate the current bullish outlook and potentially signal the start of a deeper correction phase.
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