Hyperliquid has achieved new all-time highs in network activity, with a reported $29 billion in trading volume over 24 hours and $7.7 million in fees, as stated in a post on X dated August 15. This surge in metrics coincides with HYPE trading close to its peak price, raising speculation regarding the possibility of an imminent breakout.
As of the latest update, HYPE is currently valued at $48.57, reflecting a 19% increase over the past week and a 1.6% rise in the last 24 hours. The token is now only 1.1% shy of its peak of $49.75 reached on July 14. Throughout the last seven days, HYPE has exhibited consistent growth within a range of $40.46 to $49.13.
Institutional Momentum and Liquidity Expansion
data from DeFiLlama indicates that Hyperliquid’s total value locked (TVL) has increased to $610 million, up from approximately $460 million in mid-July. Monthly USD inflows also experienced a significant rise in July, jumping from $21.35 million in June to $349.27 million.
The HYPE daily chart indicates that the price is nearing the all-time high of $49.75 recorded on July 14. A closing price above this threshold may initiate a breakout towards the $50.50–$51 range, with support levels established at $45 and $42.
Several recent advancements have strengthened the project’s momentum. On July 31, Circle announced the upcoming launch of native USD Coin (USDC) and CCTP V2 on Hyperliquid, which will facilitate direct on/off ramps, cross-chain transfers, and improved liquidity for both decentralized finance and derivatives markets. Institutional adoption is progressing as well, with Anchorage Digital Bank disclosing on August 13 that it will provide custody services for the HYPE token, ensuring institutional-grade security on HyperEVM.
Also read: Hyperliquid gains market share, drives 35% of blockchain fees, attracts Solana traders
Technical outlook
Market indicators indicate a sustained bullish trend for HYPE. All significant moving averages, ranging from the 200-day SMA to the 10-day EMA, are signaling a buying trend. The Relative Strength Index (RSI) is currently at 63 within neutral territory, allowing for additional upside potential before reaching overbought conditions.
The MACD remains in positive territory, and the stochastic reading at 87.81 suggests persistent buying pressure. Bollinger Bands are contracting, with price action approaching the upper band which often signals an impending breakout. Should HYPE close firmly above $49.75, upward targets may materialize around $52, with a secondary target of $55. Support is identified at $45, with a more robust demand zone at $42, coinciding with the 20-day EMA and the mid-Bollinger band. The Average Directional Index (ADX) reflects the initial phases of a trend, indicating that if trading volume continues to increase, a more definitive directional movement could ensue.