HYPE price plunged into a technical bear market after plunging by 26% from the July high. Hyperliquid token retreated to a low of $36, down from the all-time high of $50.
The HYPE token plunged even as its network continued firing on all cylinders. Data shows that the total value locked (TVL) of its decentralized finance (DeFi) platform soared to a record high of $3.97 billion. It has jumped from the January 1st point of $405 million.
Most dApps on Hyperliquid’s Layer 1 network continued to grow. Kinetiq, the largest liquid staking platform, has grown to over $797 million. Other top players in the ecosystem, such as Hyperliquid, Morpho, Hyperlend, and Felix, have jumped by over 30% in the last 30 days.
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Soaring total value locked is a sign that the network is gaining traction among developers and users. As a result, its app revenue jumped to $2.96 million in the last 24 hours, while the app fees soared to $3.54 million.
Hyperliquid’s layer-1 decentralized exchange volume also continued soaring. Its DEX volume jumped over $19 billion in July, up from $13.3 billion in the previous month and $10.9 billion in May.
HYPE price also crashed even as the volume in its perpetual futures exchange platform soared to a record high. It handled a record high of $313 million in July, giving it a dominant market share in the industry.
For example, Jupiter, the second-biggest player in the industry, handled $19.43 billion. Its transaction volume was much higher than that of other perpetual exchanges in the sector.
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HYPE Price Technical Analysis
The daily chart shows that the Hyperliquid price has plunged in the past few days, moving from a high of $49.70 to the current $37, its lowest point since July 8.
It has moved below the lower side of the ascending channel and the 50-day Exponential Moving Average (EMA). It remains slightly above the key support level at $35, the highest swing in December.
Therefore, the token will likely continue falling as sellers target the support at $35. A move below that level will point to more downside, potentially to the 50% retracement point at $29.46, down by 21.8% from the current level.
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