Hyperliquid is one of the beneficiaries of an institution-driven market rally as the altcoin of choice among value holders, ranking third for 24-hour gains in the top 100 with a 20% HYPE price surge.
The token has climbed 235% since the mid-April market bottom, a move commentators have noted as a new phase of capital migration from centralized finance to DeFi.
Improving US-China trade sentiment and a credit downgrade of US sovereign debt by Moody’s have increased risk-on sentiment, with a weakening dollar opening up the “best cryptos to buy” conversation.
Hyperliquid On-Chain Activity Beats Out Rival Chains With Record Levels
Hyperliquid has hit a record-breaking open interest of $8.9 billion during Thursday trading, propelled by trader James Wynn’s headline-making $1.1 billion Bitcoin long using 40x leverage.
The platform also logged an all-time high in daily trading fees at $5.4 million and reported $3.2 billion in USDC total value locked, reflecting heightened activity across its markets.
The spike in fees is particularly noteworthy with Hyperliquid’s buyback scheme—allocating 97% of revenue to repurchase circulating HYPE tokens—creating deflationary pressure through artificial scarcity.
Industry watchers are calling this the beginning of a paradigm shift from centralised finance to DeFi—one where whales, not just retail, are willing to place big bets outside the traditional system.
HYPE Price Analysis: Is Hyperliquid the Next Solana?
Estimates suggest that at the current pace, most of the total HYPE supply could be repurchased within 2 to 7 years, depending on market dynamics.
This aggressive buyback model has led investors to liken HYPE’s upside potential to Solana, which soared 10x from $20 in mid-2023 to $200 by early 2024.
The short-term pushes the HYPE price closer to this target as the breakout of a descending broadening wedge advances past key long-term resistance at $27.
HYPE / USDT 1-day chart, descending broadening wedge. Source: TradingView / CRYPTO.However, momentum appears to be stalling at that $32 resistance.
The daily RSI has made a sharp surge above the oversold threshold at 77, often a precursor to corrections as buying pressure reaches exhaustion.
A retest of a past resistance zone as support at $0.685, in line with the 0.786 Fib retracement level, could mark a correction bottom if bulls fail to defend the current level.
Despite this, the MACD remains bullish. The line continues to hold above the signal line—avoiding a death cross on multiple occasions—and is now widening its lead, suggesting room for further upside.
If momentum returns, the breakout pattern sets up a price target around $46, implying a potential 48% rally from current levels.
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