Hyperliquid’s native token HYPE has reached a record all-time high, driven by unprecedented trading volumes and an increasing presence in both spot and derivatives markets.
Summary
- Hyperliquid’s price peaked at $50.99 on Aug. 27, backed by exceptional trading activity.
- The DEX persistently enhances its presence in both spot and derivatives sectors.
- Growing liquidity and user engagement indicate potential momentum if market conditions remain stable.
Hyperliquid (HYPE) hit a historic high of $50.99 on Aug. 27 during Asian morning trading, continuing a strong rally that has boosted the token by 22% over the past week and 14% in the last 24 hours.
As per Coinglass data, the derivatives volume for Hyperliquid rose by 14.57% in the last 24 hours, hitting $3.05 billion, while open interest increased by nearly 17% to $2.33 billion, indicating a surge in speculative trading.
Simultaneously, over $1.76 million in short positions were liquidated, indicating that traders who bet against the rally were surprised by the breakout.
This milestone occurs as trading activity and various decentralized exchange metrics related to the platform continue to gain momentum.
Hyperliquid’s enhancing DEX metrics
The spike follows Hyperliquid’s Aug. 26 update indicating that spot trading volumes on the exchange reached an all-time high of $3.4 billion in a single day, primarily driven by Bitcoin (BTC) and Ethereum (ETH) markets. With $1.5 billion in daily BTC spot volume alone, the platform ranks as the second-largest venue globally for Bitcoin spot trading across both centralized and decentralized markets.
Supporting this trend, DefiLlama data reveals that monthly volumes for decentralized exchanges on Hyperliquid have already surpassed $18 billion in August, exceeding July’s $11 billion. Additionally, the total value locked on the platform has soared to $721 million, marking another all-time high. The annualized revenue is now projected at $1.26 billion, showcasing the protocol’s growing footprint.
Hyperliquid technical analysis
The price chart indicates a notable breakout above the $49 resistance level accompanied by higher volumes and a relative strength index reading of 61, suggesting increasing momentum without reaching overheated conditions. Expanding Bollinger Bands indicate rising volatility, and moving averages from short- to long-term remain upward skewed.
The Commodity Channel Index at 195 signals strong upward pressure, and the moving average convergence divergence indicator has issued a buy signal after transitioning into positive territory.
The next resistance might emerge around $55 if HYPE sustains support above $50. Conversely, if traders start to secure profits, a pullback towards $45 wouldn’t be unexpected.
