HYPE token reached a new all-time high of $39.39 on May 26, up 11% in 24 hours
The token has rallied 300% since April 7 lows, with trading volume hitting $570.5 million
Technical analysis suggests potential price targets of $44.65 and up to $56.70 based on wave patterns
Hyperliquid DEX recorded over $1.2 billion in open interest and $455 million in total value locked
Whale activity and short liquidations of $753,000 in 24 hours support the current bullish momentum
Hyperliquid’s native token HYPE reached a new all-time high of $39.39 on May 26. The price surge represents an 11% gain in the past 24 hours.
The token has maintained strong upward momentum since reversing its downtrend on April 7. From its lows around $10, HYPE has delivered a 300% return to current levels.
Trading volume has increased dramatically during this rally period. Daily volumes reached $570.5 million on Saturday, up from monthly lows of just $78 million earlier in May.
The price movement began when HYPE broke out of a descending parallel channel on May 21. The token closed above the $27.50 resistance level, clearing the path for new highs.
Following this breakout, the rally turned parabolic. HYPE gained over 50% in under a week to reach today’s peak.
Hyperliquid hit multiple all-time highs today, including: + Open interest: $8.9B + 24h fees: $5.4M + USDC TVL: $3.2B
Technical Analysis Points to Extended Wave Pattern
Technical indicators remain supportive of the current uptrend. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue trending upward.
Both indicators are in overbought territory but have not formed bearish divergences. This typically serves as a warning sign of potential reversals.
Wave count analysis suggests HYPE completed an A-B-C corrective structure on April 7. This was followed by the start of a five-wave impulsive move upward.
According to this structure, HYPE is now in the fifth and final wave of the current bullish cycle. This extension wave has already pushed the price to new highs.
In extended fifth waves, the move can often mirror the combined length of waves one and three. Based on this projection, the next potential target sits at $44.65.
Should momentum continue to accelerate, a more ambitious extension could take HYPE as high as $56.70. This level corresponds to the 1.61 Fibonacci extension.
Platform Fundamentals Drive Token Performance
The Hyperliquid DEX has recorded record-breaking activity levels. Open interest crossed $1 billion for the first time in platform history and currently sits at $1.2 billion.
Total value locked has grown from $254 million in early April to $455 million currently. This represents an 80% increase in locked capital.
DEX volume has also expanded from April lows of $42.67 million to peaks exceeding $590 million. The growth indicates a rapidly expanding user base and trading activity.
Around 97% of all trading income returns directly to HYPE token holders. This creates underlying value for long-term investors through revenue sharing.
Recent whale activity has provided additional fuel for the rally. Two large whales purchased tokens worth approximately $10 million at the $34 price point.
This buying activity helped create momentum and triggered short liquidations. The market witnessed almost $753,000 in short liquidations in the past 24 hours alone.
Long liquidations totaled only about one-third of that amount. This disparity suggests bullish sentiment remains dominant among traders.
One trader, James Wynn, closed a $1.2 billion Bitcoin long position and opened a similarly sized short position. This highlights the high-stakes trading activity that Hyperliquid supports.
The platform’s on-chain architecture provides a low-cost, high-performance trading experience. Last week, both open interest and 24-hour fees reached record levels, underscoring increased market participation.
Current technical and fundamental analysis suggests HYPE remains well-positioned for continued upside. The wave count indicates the rally may be approaching its final phase, with potential for one more push higher before a corrective period.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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