Hyperliquid price continued its strong rally today, May 21, reaching its highest level since September last year. HYPE token crossed the important resistance of $50, meaning that it has jumped by 156% from its lowest point this year, and analysts expect the surge to continue.
Top Analyst Explains the Hyperliquid Price Surge
HYPE coin price has moved into a bull run, helped by its solid fundamentals. It has become the biggest player in the perpetual DEX industry, where it is handling over $170 billion in volume each month. Its monthly volume is normally higher than other popular companies like Aster and edgeX.
The network owns Hyperliquid Layer 1, where it has accumulated over $1.6 billion in total value locked (TVL). Some of its top projects in the network are platforms like Kinetiq, Hyperlend, and Morpho. Its stablecoin supply has jumped to a record high of over $5.5 billion.
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All these factors have made Hyperliquid highly profitable. It has accumulated over $850 million in fees in the last 12 months, a notable amount for a crypto project with less than 20 employees.
Also, this is a notable amount as the network normally uses its fees to burn HYPE tokens. In an exclusive note to BanklessTimes, Jason Rindahl, the head of Nebula DeFi said:
“HYPE’s move above $50 looks like a combination of momentum and improving fundamentals, but unlike many narrative-driven rallies in crypto, Hyperliquid actually has meaningful on-chain activity underneath the price action. The market is rewarding real trading volume, fee generation, user engagement, and the perception that Hyperliquid is becoming one of the few crypto native platforms capable of competing with centralized exchange experiences.”
HYPE Price Prediction: Technical Analysis
The daily chart shows that the Hyperliquid token has been in a strong rally this week and is now at its highest level since September last year. It has crossed the important resistance level at $45.85, its highest point on April 15 this year.
The coin has remained above the ascending trendline that links the lowest points since January. It has moved above all moving averages, a sign that bulls remain in control. The ADX indicator has continued soaring, a sign that the momentum is continuing.
Therefore, two possible scenarios are going forward. First, the coin may continue rising, potentially to the key resistance level at $59.26, its highest point last year. Second, it may do a break-and-retest pattern, where it retreats and retests the support at $45.85 and then resumes the uptrend.
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