Hyperliquid Hits New ATHs: Is the Hype Justified or Just Another Crypto Mirage?

Hyperliquid''s token rockets past previous records—flashing green on every trader''s screen. But beneath the euphoria, whispers grow louder: can this protocol actually deliver?

Breaking Down the Bull Run

Another day, another ''deFi'' project mooning. Hyperliquid''s surge smells like déjà vu—remember when every whitepaper promised to ''revolutionize finance''? Yet here we are, watching liquidity pools balloon while regulators nap at the wheel.

The Real Test Ahead

ATHs are easy when speculation fuels the engine. The real question? Whether Hyperliquid''s infrastructure can withstand a brutal crypto winter—or if it''ll crumble like a leveraged farm under liquidation.

One thing''s certain: Wall Street''s watching. And laughing. Quietly stacking fiat while degens chase the next shiny ticker.

Bullish energy builds for Hyperliquid

After clocking a fresh all-time high at $44.79, HYPE held firm NEAR $44.68, at press time. The candlestick chart revealed a sharp bullish engulfing candle backed by growing volume, meaning that traders have been chasing momentum.

Source: TradingView

The RSI hit the 70-mark, indicating intense buying pressure. Meanwhile, the OBV ROSE steadily to 5.62 million, with the volume supporting the price rally too.

With $50 on the horizon, bulls appeared to be far from exhausted.

$15 billion in sight as capital keeps flowing

HYPE’s market capitalization has surged by nearly 50% since late April, climbing from under $10 billion to $14.92 billion, as of 16 June.

The sharp upward trajectory – with brief consolidation phases – could allude to a steady influx of capital, rather than a fleeting pump.

Source: CoinMarketCap

Notably, the latest breakout above $14.5 billion is evidence of investor confidence, positioning HYPE on the brink of breaking into the top 10 crypto rankings.

If momentum continues at this pace, the $15 billion milestone could be breached within days – Turning the psychological resistance into the next bullish catalyst.

A cautionary signal?

While HYPE’s daily DEX volume recently surged past $600 million, its TVL remains comparatively modest at $536.2 million. This disconnect may be a sign that traders are actively speculating, rather than committing long-term capital to the protocol.

Source: DeFiLlama

There is demand and liquidity, but the slower TVL growth may raise questions about the stickiness of that capital.

For HYPE to sustain its ascent, a rise in TVL will be key. Otherwise, the rally risks running on short-term hype more than durable fundamentals.