What to Know:
- HYPE jumped ~4% with a 36% surge in trading volume, showing fresh capital entering the market.
- Large leveraged bets and $3.6B positions signal strong confidence, but also raise volatility risks.
- Falling fees, volumes, and flat user growth suggest the rally may not be sustainable short term.
HYPE has been rising around 4% to trade around $40.67. The main driver behind the price jump appears to be strong buying activity on the platform. Trading volume for HYPE surged by over 36% in the last 24 hours, reaching close to $494 million. This sharp increase suggests that fresh money is entering the market, supporting the token’s upward move.
Strong Buying
The activity is mostly happening on Hyperliquid, where users are trading both spot and perpetual markets. Since this buying pressure is not driven by hype or external events, it indicates genuine interest. However, the lack of a clear catalyst also raises questions about how long this momentum can last.
In the short term, HYPE’s next move depends on whether it can hold its current levels. Analysts say the $39 zone is an important support. If the price stays above this level, HYPE could move toward the $43–$45 range. On the downside, a drop below $38 could push the price back toward $35. Traders are also watching whether daily trading volume stays above $300 million, which would signal continued interest.
Whale Interest
According to CryptoNewsZ, HYPE has shown even stronger momentum earlier today, jumping over 6% to cross the $41 mark. The report highlighted that large investors are playing a key role in this move. Several high-value trades have been spotted, including leveraged positions worth millions of dollars. These bets suggest strong confidence among big players, but they also increase the risk of sudden price swings.
Hyperliquid platform’s whale currently holds positions valued at $3.644 billion. The long positions amount to $1.821 billion, representing 49.98% of the total, while short positions are at $1.823 billion, accounting for 50.02%. The profit and loss for long positions stand at $57.3763 million, whereas short positions have a loss of $11.1556 million.
Another major highlight is its oil-linked trading markets, which allow users to trade based on oil prices around the clock. These markets have seen volumes close to $1 billion, showing real usage beyond simple speculation. Arthur Hayes has also backed the project, saying it could continue to grow even if the broader crypto market slows down. Moreover, he also thinks that the token could hit $150 by August 2026. He believes Hyperliquid is generating real revenue and could attract more traders over time.
Analyst Urge Caution
Despite the strong price action, some analysts are not fully convinced. Michael Nadeau, founder of The DeFi Report, warned that the recent rally may be getting ahead of itself. “I’m a fan of both @Globalflows and HYPE, but think he’s early here,” he said, adding that the market may be leaning too heavily into the bullish narrative.
He pointed out that key metrics are actually declining. “Fees are down 56%. Volumes are down 55%. Open interest is down 44%. Bridged assets are down 32%,” He sharpened the point further by saying, “The reality is it’s the same 50k users on HYPE that we saw last year.” That is a blunt way of framing the concern that the price may be running on narrative expansion while user growth and capital inflows remain comparatively flat.
Final Thoughts
For now, HYPE is showing strong short-term momentum backed by rising volume and active trading. However, mixed signals from underlying data suggest caution. The token may continue to rise if buying pressure holds, but without stronger growth in users and activity, the rally could face challenges.
