HYPE Rockets Past $40: Hyperliquid's Token Surges 15% in a Week!

From the Depths to New Heights: HYPE's Rollercoaster Ride

HYPE, the heart-pounding token of Hyperliquid, has blasted back above the $40 mark, hitting $40.56 as I write this. It's up 7% in the last 24 hours and a whopping 15% over the past week. Talk about a comeback!

Just a month ago, on June 22, HYPE hit a low of $32.62. It hadn't seen $40 since June 18, right before it crashed nearly 25% in just four days. Now, it's only 11% away from its all-time high of $45.57, set on June 16. Buckle up, folks, this ride ain't over yet!

On-Chain Frenzy: Hyperliquid's Volumes Soar

The resurgence of HYPE lines up perfectly with a massive spike in on-chain action. June's decentralized volume on Hyperliquid hit a mind-blowing $11.44 billion, the highest since December 2024. That's more than double April's $4.86 billion and an 18% jump from May's $9.66 billion. It's clear that traders are flocking to the platform and confidence is soaring. Plus, the total locked value has skyrocketed from $330 million in April to a staggering $1.8 billion right now!

Technical Titans: HYPE's Chart Tells a Bullish Tale

From a technical standpoint, HYPE is flexing its muscles but still playing it cool. It's gaining steam without getting overbought, with the relative strength index at 60 and climbing. Momentum indicators are screaming bullish, with a 10-day reading of 7.31 and the moving average convergence nearing a crossover zone. All the moving averages, from 10 to 200 days, are shouting "BUY!" as HYPE trends above key support levels.

Some oscillators are still chilling in neutral territory, hinting that while we're moving up, we're not quite ready to confirm a full-blown trend. And watch out—the Bollinger Bands are tightening, which means volatility could explode in either direction soon!

What's Next for HYPE?

If decentralized volumes keep pumping, HYPE might break through $41.50 and make a run for that all-time high of $45.57. But if it can't hold above the $38–$39 range, we could see some short-term profit-taking, maybe even a dip to $35 if the market mood sours. One thing's for sure: HYPE's got the crypto world on the edge of their seats!