The Hyperliquid ecosystem has been performing exceptionally well this week. On May 22, the platform’s native token, HYPE, exploded to $31.82, marking more than a 16% gain in a single day. This bullish movement was accompanied by record-breaking metrics, including $8.9 billion in open interest, $5.4 million in 24-hour trading fees, and $3.2 billion in USDC total value locked (TVL).
According to a tweet from the official Hyperliquid account, these are the highest figures the protocol has ever recorded, signaling strong confidence, increasing usage, and growing dominance in the on-chain perpetual space.
According to CoinMarketCap, the Hyperliquid crypto was trading at $30.86 at press time, up 16.04% over the past 24 hours, and has a $10.3 billion market capitalization.
This explosive move over the past 24 hours is also part of a broader trend: HYPE is up 22.44% over the past week, 69.41% over the past month, and 162.70% year-to-date. These numbers demonstrate the growing adoption and market belief in the project’s value.
Hyperliquid Crypto Price Prediction: Here Are Key Levels to Watch
According to technical charts, the market exhibits a textbook breakout pattern. According to the latest CentralCharts data, HYPE/USDT has blown past the $30 resistance, which previously acted as a ceiling for upward momentum. The HYPE price closed at $30.86 after opening at $28.24 and hitting an intraday high of $31.82.
The Bollinger Bands have widened, and the price has pierced the upper band, signaling strong upward volatility. The 50-day Moving Average (MA) sits at $19.64, and the 100-day MA at $18.74, far below the current market price, underscoring how extended and powerful this rally has been.
Notably, the breakout also breached the oblique major resistance at $30.06. With this level now acting as support, technical traders will watch to see if the price retests and confirms it before potentially moving upward.
Therefore, if the $30 zone remains as support and trading volume continues to increase, HYPE could quickly move to $35, a psychological round number and the next Fibonacci extension target. Beyond that, $40 becomes a likely short-term milestone.
However, if profit-taking occurs and HYPE falls below $30, the next strong support lies around $27.50, with additional support at the 50-day moving average near $20.
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