Hyperliquid’s native cryptocurrency, HYPE, has achieved a remarkable milestone by jumping 10%, reaching an unprecedented high of $44.86. This surge has propelled its market capitalization to an impressive $14.876 billion, securing its position as the eighth-largest cryptocurrency by market value.
Source: Finance Newso
This surge in value is noteworthy, especially given the prevailing global market instability linked to the ongoing Israeli-Iran conflict, which has stunted Bitcoin’s recovery to a mere 1.6% increase since the escalation of tensions.
Hyperliquid Emerges as a Top Player in the Crypto Space
The rapid growth of HYPE is indicative of the overall success of Hyperliquid’s perpetual exchange ecosystem. The platform has recorded daily trading volumes exceeding $4 billion and holds a total of $1.888 billion in value locked within its decentralized finance (DeFi) protocols.
Source: DeFiLlama
HYPE’s sharp ascent follows a significant milestone just six days prior, when it first broke the $40 mark on June 10. Transitioning from a market cap of $3 billion to its current valuation of $14.8 billion has occurred at a pace that has surprised many analysts.
The platform’s foundational strength is highlighted by its commanding position in the decentralized perpetual trading market, boasting $248 billion in trading volume for May 2025 alone.
This figure is nearly three times higher than the combined trading volume of the next ten largest decentralized perpetual platforms, largely due to its offering of high leverage options up to 40x.
The health of the ecosystem is further evidenced by a stablecoin market capitalization of $3.734 billion, daily application revenue of $1.11 million, and a bridged total value locked of $4.684 billion.
Major Whales Drive HYPE Price Surge
The dramatic increase in HYPE’s value can be significantly attributed to strategic moves by prominent cryptocurrency investors, commonly referred to as whales. Analysis of on-chain data reveals a trend of strategic accumulation, creating a self-reinforcing cycle of demand and price growth.
One prominent whale acquired 259,367 HYPE tokens for approximately $9.976 million, at an average price of $38.46, reportedly amassing over $10 million in lifetime profits from HYPE transactions.
2 whales bought 385,720 $HYPE($14.9M) in the past 3 hours.
0x7E4E spent 9.97M $USDC to buy 259,367 $HYPE at $38.5.
0x5dE5 spent 4.94M $USDC to buy 126,353 $HYPE at $39.1 and staked it.https://t.co/PwHnsKCDhshttps://t.co/YjRdr0ujwb pic.twitter.com/DGEjeQaBBX
— Lookonchain (@lookonchain) June 10, 2025
Market sentiment appears overwhelmingly bullish, with many social media posts expressing strong confidence in HYPE’s trajectory toward the psychological barrier of $50 and potentially beyond.
The Chaikin Money Flow indicator highlights robust capital inflows following a previous phase of outflows that saw the metric dip to a two-month low, signaling a resurgence of investor confidence.
Nonetheless, liquidation mapping indicates potential volatility on the horizon, as approximately $3.15 million in long positions could be at risk if prices fall to $36.20, breaching the crucial support level of $40.14.
Technical Indicators Suggest Ongoing Upside Potential
From a technical standpoint, HYPE has established several bullish breakout patterns, indicating that significant upside potential remains. On June 9, the token moved past a bullish pennant formation and continued to rally above a bull flag pattern that developed over the prior week.
Critically, HYPE surpassed the vital resistance zone at $35.13, which marks the upper limit of a long-term cup-and-handle pattern that had been forming since December 2024. This achievement represents a significant technical breakthrough for prolonged upward momentum.
Elliott Wave analysis presents a promising outlook, suggesting that HYPE is nearing the completion of a five-wave impulse sequence, with the current price action potentially signaling the final wave 5 of a broader bullish cycle.
This wave structure demonstrates clear impulsive traits with minimal overlap, indicating strong underlying demand and limited supply issues.
Momentum indicators further bolster this bullish perspective, with both the MACD and RSI lines trending upward across shorter time frames. This suggests a strengthening momentum and a rise in buying pressure.
Given the recent breach of major resistance and the establishment of new all-time highs, HYPE appears poised for additional upward progression, with the immediate target range likely falling between $50 and $55 based on Fibonacci extensions from the recent wave structure.
However, traders remain vigilant for potential exhaustion signals at current price levels, especially following the asset’s rapid ascent from the $12-15 support level established in March-April.
More ambitious projections utilizing the 161.80% extension target at $67, while the 261.80% extension could reach closer to $102, have led to speculation circulating on social media regarding HYPE’s potential to hit $100 by the year’s end.
Despite this promising outlook, risks persist, as whale positioning data from Coinglass indicates that 49.09% of total positions and over 51.8% of margin are currently allocated to short positions, highlighting a degree of institutional caution at current levels.
This positioning may introduce short-term volatility, given that whales typically hedge their exposure at significant resistance points.
The key support level to monitor remains at $40.14; a sustained dip below this threshold could undermine the current bullish scenario and signal the onset of a deeper correction phase.
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