HYPE coin, the native token powering the Hyperliquid crypto ecosystem focused on decentralized perpetuals trading, surged to a new all-time high of $39.93 early Monday after a 13% daily rally. The Hyperliquid price surge comes as the platform gains traction among DeFi users and crypto traders alike.
HYPE Coin Price Hits Record Highs
Trading volume for Hyperliquid crypto jumped over 66% in the last 24 hours, reaching $496 million. The weekly performance of HYPE coin now exceeds 50%, vastly outpacing the broader crypto marketโs 6% rise.
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Currently ranked as the 11th-largest altcoin by market cap ($12.83 billion), Hyperliquid crypto is drawing heavy investor attention, fueled by soaring interest in decentralized derivatives.
Key on-chain metrics further support the bullish sentiment. Open interest has climbed to $10.1 billion, indicating growing market engagement.Over the past 24 hours, Hyperliquid generated $5.6 million in trading fees, underscoring intense user activity and robust revenue flow. Meanwhile, USDC total value locked has reached $3.5 billion.
Hyperliquidโs Total Value Locked (TVL) has climbed more than 369% since early April, rising from $311.55 million to $1.462 billion today, according to data from DeFiLlama.
James Wynn Boosts Hyperliquid Visibility
Crypto trader and meme coin advocate James Wynn has been a major driver of visibility and activity on the Hyperliquid crypto derivatives trading platform, executing some of the largest trades in its history.
Wynnโs recent high-profile moves, particularly a $1.25 billion leveraged long on Bitcoin, drove substantial trading volume and engagement, even though the position ultimately closed at a $13.4 million loss.
Despite the loss, Wynnโs presence generated tens of millions in realized profits across other trades, including a $25.19 million gain on PEPE and $1.5 million from BTC.
Respectively, the Hyperliquid crypto platform now generates 7x more revenue than BNB Chain, surpassing Ethereum and Solana in daily income from derivatives.
Hyperliquid Price Outlook: Is HYPE Coin Headed Higher?
The HYPE coin is showing strong bullish momentum following a decisive breakout above the key $35.88 resistance level, which now acts as support.
The price structure remains bullish, forming higher highs and higher lows. The MACD line is well above the signal line and widening, with no signs of a bearish crossover, reinforcing the current uptrend in Hyperliquid crypto markets.
However, on the daily timeframe, the Relative Strength Index (RSI) has reached 79, meaning it is firmly in overbought territory and suggesting a heightened risk of a short-term pullback or consolidation before any potential continuation higher.
Key technical levels to monitor include the $35โ$38 support zone and resistance at $45. Momentum remains favorable as long as the HYPE coin price holds above $35 with strong volume. A break below that level could signal trend exhaustion.
Why This Matters
The surge in Hyperliquid price and growing adoption of HYPE coin signal rising investor confidence in decentralized derivatives platforms.
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