Hyperliquid (HYPE) Price Surge: Can Exploding DEX Volume Propel It to a New ATH?

Hyperliquid (HYPE) is making waves as decentralized exchange (DEX) volume spikes—fueling speculation of a fresh all-time high.

Why traders are betting big on HYPE

The token's recent momentum isn't just hype (well, maybe a little). Surging DEX activity suggests real demand, not just the usual crypto casino behavior. When liquidity flows, prices follow—or at least that's what the bulls are banking on.

The ATH chase is on

With traders flocking to decentralized platforms, HYPE could rewrite its price history. Of course, in crypto, 'fundamentals' are whatever moonboys decide they are today. But you can't argue with volume—even if half of it is wash trading.

Will HYPE deliver or become another 'we told you so' cautionary tale? The charts don't lie... until they do.

TLDR

• HYPE has recovered above $40, trading at $40.56 with 7% daily gains and 15% weekly gains
• DEX volume reached $11.44 billion in June, the highest monthly total since December 2024
• Total value locked increased from $330 million in April to $1.8 billion currently
• Technical indicators show bullish momentum with RSI at 60 and moving averages supporting uptrend
• Current price sits just 11% below all-time high of $45.57 set on June 16

Hyperliquid’s native token HYPE has broken back above the $40 threshold, currently trading at $40.56. The token posted 7% gains in the past 24 hours and 15% over the past week.

This recovery marks a strong bounce from the monthly low of $32.62 reached on June 22. The last time HYPE crossed $40 was on June 18, before experiencing a sharp 25% decline over four days.

The token now trades just 11% below its all-time high of $45.57, which was set on June 16. This proximity to record levels has sparked speculation about a potential new peak.

Trading Volume Drives Recovery

The price recovery coincides with increased platform activity. According to DeFiLlama data, Hyperliquid’s decentralized exchange volume reached $11.44 billion in June.

This represents the highest monthly total since December 2024. The June figure more than doubles April’s $4.86 billion and shows an 18% increase from May’s $9.66 billion.

The rising volume suggests growing platform usage and trader confidence. Total value locked has also increased dramatically from around $330 million in April to $1.8 billion at press time.

This represents more than a five-fold increase in locked value over the past few months. The growth indicates expanding user adoption and capital deployment on the platform.

Technical Analysis Shows Strength

From a technical perspective, HYPE displays bullish momentum without being overbought. The Relative Strength Index currently sits at 60 and is trending upward.

The RSI recently moved back above the 50 neutral mark after briefly dipping below. This shift into bullish territory signals strengthening momentum for potential continued gains.

Moving averages across multiple timeframes support the current uptrend. The 10, 20, 30, 50, 100, and 200-day exponential and simple moving averages all indicate buy signals.

The Moving Average Convergence Divergence indicator approaches a bullish crossover zone. The MACD histogram shows declining red bars, suggesting weakening bearish pressure.

However, some oscillators remain in neutral territory. The Average Directional Index and Awesome Oscillator have not yet confirmed strong trend direction.

Bollinger Bands are tightening, which could indicate increased volatility in either direction. This compression often precedes significant price movements.

Key resistance levels sit at $39.9 and $42.2. Breaking above $39.9 WOULD signal potential for further gains toward the $42.2 level.

If HYPE can secure $42.2 as support, the next target would be the all-time high at $45.8. This level represents approximately 16.8% upside from current prices.

Failure to maintain above the $38-$39 range could trigger short-term profit-taking. A breakdown below this support might lead to a decline toward $35 if broader market sentiment deteriorates.

The current technical setup suggests HYPE has potential for continued upward movement, though confirmation above key resistance levels remains necessary for sustained gains.