Hyperliquid’s native token HYPE is consolidating near $47 after a week of volatile swings, with price action now coiling at a make-or-break zone.
A whale wallet, tagged 0xa523, has poured over $40 million USDC into Hyperliquid within the past 48 hours, aggressively buying HYPE at levels between $46 and $47. On-chain trackers suggest the whale added more than 466,000 HYPE ($21.5M) in a single batch, signaling institutional-sized confidence in the protocol’s trajectory.
That accumulation comes as Hyperliquid’s ecosystem posts record-breaking metrics.
Hyperliquid On-Chain Data Surge
According to DeFiLlama, total value locked (TVL) surged to $2.81B this week, with perpetuals trading volume hitting all-time highs of $29 billion in 24 hours and fees topping $7.7M on August 15.
With 97% of protocol fees redirected to token buybacks, this fee growth has become a direct driver of upward HYPE price pressure. Anchorage Digital also began offering institutional custody for HYPE just days ago, a development likely to encourage more deep-pocketed participation.
At the same time, data shows Hyperliquid has captured 6.1% of perpetuals trading volume versus centralized exchanges, a remarkable climb from near-zero share just a year ago. The platform processed $320 billion in July alone, becoming one of the few decentralized players directly challenging Bybit and Binance in the perpetuals market.
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Analysts argue this competitive edge lies in Hyperliquid’s speed, as its custom Layer 1 blockchain supports 100,000 orders per second with sub-second finality, giving it centralized-exchange-level execution without compromising decentralization.
HYPE Price Outlook: Bulls Eye $90+, Bears Warn of Breakdown
Traders on Crypto Twitter are divided on HYPE’s near-term outlook. Analyst Crypto Target described the setup as a textbook ascending triangle, arguing that once HYPE decisively clears $48, the “path toward $90+ opens fast.”
Conversely, analyst Don flagged a potential rising wedge, a typically bearish structure, warning that a breakdown below the $45 support could invalidate bullish momentum and drag HYPE toward the low $40s.
The divergence in sentiment echoes the stakes at current levels. HYPE price has already gained over 1,376% from its all-time low of $3.20 recorded in November 2024, but remains just shy of its all-time high at $49.86 recorded in July 2025.
HYPE price is currently at $47.3. There is short-term support at $45.8 and resistance at $48. If buyers can push the price above $48 with strong volume, potential targets are between $65 and $70, with a chance to move up to $84 to $90 if the triangle pattern continues.
However, if the price drops below $45, it may invalidate the bullish outlook, and traders may look for a drop back to $40 as liquidity decreases.
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