As Hyperliquid's DEX trading volume and TVL rise due to buybacks and staking, $HYPE's upward momentum is strong, with traders focusing on all-time highs.
With strong trading volume and deep liquidity support, $HYPE is climbing to an all-time high, rising 4.5% to $45.62.
The token is currently testing a key resistance level that may determine its next significant move. A wave of strong protocol development and economic upgrades is creating new utility and demand for the token. While the outcome remains uncertain, the combination of solid fundamentals and technical strength suggests that this rebound has substantial content beyond short-term speculation.
HIP-3 and stHYPE: Builders, staking, and liquidity deepen $HYPE demand.
$HYPE from Hyperliquid is the native token of a high-throughput Layer-1 blockchain that powers perpetual DEX using a fully on-chain central limit order book (CLOB) and supports smart contracts through its integrated EVM (HyperEVM).
$HYPE is used for gas, staking, and governance. With HIP-3, builders can deploy permissionless perpetual markets by staking 1M $HYPE tokens as collateral and sharing fees with supporters, further strengthening the token and product consistency.
Fundamentally, Hyperliquid transfers protocol fees into its aid fund and HLP, which programmatically buys back $HYPE.
Analysis and on-chain data indicate that protocol revenue is distributed between the aid fund and HLP, at 54% and 46%, respectively.
According to DefiLlama data, the TVL of $HYPE is approximately $686M, with 5.4 hours fees at $24M and 104 days fees at $30M—reflecting a stable cash flow supporting the token.
The ecosystem shows considerable appeal, with on-chain activity reaching over 44,000 daily active addresses in June, averaging about 33,000 in the first half of the year.
Supporting growth through liquidity staking with stHYPE, the acquisition of Valantis further strengthens growth.
Moreover, the Ethereum-compatible smart contract layer HyperEVM, launched in February 2025, quickly gained attention, reaching nearly $2 billion in TVL by mid-July, placing it among the top ten Layer-1 blockchains in DeFi.
It achieved seamless DeFi composability with the CoreWriter released on July 5, integrated with HyperCore, further driving the ecosystem's expansion.
These factors provide $HYPE tokens with significant allocation and liquidity advantages.
As the bullish triangle flag resolves due to increased demand, $HYPE momentum strengthens.
$HYPE's latest breakout reveals a technical setup that is starting to unfold with increasing bullish intent.
Early signs of accumulation are emerging through subtle but steady buying activity during recent hourly trading days, as shown by the footprint chart.
Even during price consolidation, total buy volume gradually exceeded sell volume, implying that bulls are absorbing offers rather than chasing asset prices. This accumulation is creating a demand base beneath the surface—now, prices seem to be reacting.
Carefully observing the 1-hour timeframe, $HYPE has formed a classic bullish triangle flag, tightening between higher lows and lower highs after a strong impulse from $42 to $47.
This consolidation has cooled momentum just enough to reset and is supported by the rising 20-period simple moving average (SMA), which has recently returned above the long-term 100-period SMA—a shift that typically heralds a re-acceleration of the trend.
These SMAs are currently located around $45.75 and $43.70, which can act as dynamic support zones during any retest. We can also confirm the triangle flag breakout from the accompanying volume data here.
We are not only seeing an increase in raw volume on the breakout candle, but browsing the volume footprint chart reveals multiple green deltas stacked around the $45 to $46 area.
While there was some initial profit-taking, evidenced by a slight negative delta bar shortly after the breakout, the bulls maintained control without a significant pullback.
Interestingly, even in the attempt to push the price back below $45, sellers failed to gain momentum; these efforts were quickly absorbed.
Momentum indicators are also playing a role. The RSI has been wavering around neutral during the consolidation but has begun to tilt upwards. On the other hand, the MACD tells a different story. The MACD has broken above the signal line and may be preparing to rise again. These shifts reflect a transition in the market from uncertainty to confidence.
Given that $HYPE's current trading price is slightly above the previous triangle flag resistance, the path towards the expected target near $50 seems technically supported. As long as volume remains healthy and prices continue to comply with moving averages, the bulls can maintain an advantage.
