Hyperliquid Defends $45 as Spot Volume Explodes to Record $3.5B
Hyperliquid isn't just holding the line—it's rewriting the rulebook while traditional finance still debates whether crypto is 'real.'
The $45 Fortress
Price action defies gravity at the $45 support level, shrugging off market tremors that would've cratered lesser assets. Retail and institutional flows converge here, creating a liquidity moat that shorts can't penetrate.
Volume Goes Supernova
Spot trading erupts to a staggering $3.5 billion—enough to make legacy exchanges blush. That's not just momentum; it's a fundamental shift in capital allocation patterns while traditional markets nap on their yield curves.
Active addresses spike, order books deepen, and the network shrugs off congestion fears. This isn't a speculative bubble—it's a liquidity revolution happening while Wall Street still charges 2% management fees for underperformance.
Hyperliquid breaks into the big leagues
Hyperliquid revealed on Aug. 26 that spot volumes on its exchange reached a new record of $3.4 billion in 24 hours. Much of that activity came from BTC and ETH pairs, with the platform now ranking as the second-largest venue globally for Bitcoin (BTC) spot trading.
Spot volumes on Hyperliquid reached a new 24h ATH of $3.4B. This was driven largely by growth in BTC and ETH deposits and spot volume, facilitated by @hyperunit.
This makes Hyperliquid the second largest venue to trade spot BTC across both centralized and decentralized…
The trend is backed by DefiLlama data, which shows monthly decentralized exchange volumes topping $16 billion in August, already well above July’s $11 billion. At the same time, the platform’s total value locked has climbed to $685 million, the highest in six months.
Hyperliquid technical analysis
The daily chart shows HYPE consolidating near its mid-Bollinger Band, just above $45. While this suggests stability, a breakout may be imminent given that the bands have started narrowing. The MACD displays a slight bearish crossover, suggesting short-term caution, while the relative strength index is neutral at 52, indicating balanced momentum.
Moving averages tell a stronger story. From the 10-day EMA ($44.16) through the 200-day SMA ($29.32), every key moving average currently flashes buy signals, reflecting an intact uptrend structure.
If the $45 level holds, buyers could drive a move toward $48.50 and potentially back to July’s peak NEAR $50. Failure to hold the $44 support (mid-band) risks a drop toward $40.50, the lower bound of its 7-day range. A break below that could trigger broader downside pressure.
