This Monday, the HYPE token reached a new all-time high of $39.93, after rising 13% in the last 24 hours, at its highest point of the day.
At the time of writing this report, the price of HYPE is trading at $37.29, with daily losses of 4%, weekly gains of 40.3%, and monthly gains of 108%.
What is driving the price of HYPE to new highs?
Hyperliquid is rapidly gaining popularity due to the growing interest in decentralized derivatives. Currently, HYPE is positioned as the eleventh largest altcoin by market capitalization.
The value spike reflects the increasing interest from DeFi users and crypto market operators, in a context where new capital is entering the ecosystem.
In addition, James Wynn, a cryptocurrency trader and recognized promoter of memecoins, has contributed to the growth of the Hyperliquid derivatives platform. He was involved in some of the most notable trades recorded on this platform.
One of her most notable plays was a leveraged position of $1.25 billion in Bitcoin. Although that operation resulted in a loss of $13.4 million, it generated extraordinary transaction volume.
However, not everything was negative: Wynn made significant gains in other trades, such as $25.19 million with PEPE and $1.5 million in BTC.
Hyperliquid's trading strategy is similar to that of FTX.
Analyst Ansem, on his X account, points out that Hyperliquid aims to offer a fast and cost-effective trading experience, very similar to what Solana and FTX proposed at the time when they collaborated.
"Solana 2021 price action fractal vs. Hyperliquid 2025. The target of Solana + FTX is very similar to the target of Hyperliquid with HyperCore and HyperEVM, except that with $HYPE the perpetual swap is fully on-chain and approximately 97% of the revenue."
Ansem compares both charts, which indeed show great similarity, both in price structure and growth strategy.
Data to consider about Hyperliquid
Hyperliquid has just broken its own record: its open interest reached $10.1 billion, marking a new all-time high.
The decentralized exchange also reported that its total value locked (TVL), measured in USDC, reached $3.5 billion.
Some analysts highlight that HYPE's behavior resembles that of Solana (SOL) in early 2021, just before its massive 300% rally.
Analysis of HYPE charts: levels to consider
The price of HYPE is in unexplored territory and the daily chart indicates a correction phase following the recent rise. In the medium term, the trend remains strongly bullish.
Analysis of HYPE charts. Source: TradingView.
Resistances to watch:
$40: is emerging as the immediate and strongest resistance in the short term.
$48: if the previous level is firmly surpassed, the price is likely to seek consolidation around this new level.
Key supports to watch:
$36: level where HYPE found daily support, although it is not the strongest floor.
$32: represents the first significant support in case of a deep correction.
$25: if the previous support is lost, this would be the next critical level, whose break could end the bullish momentum.
For now, the RSI at 43 points indicates a correction phase, so pullbacks could occur in the short term before possible rebounds.