Hyperliquid (HYPE) Surges to New All-Time High, Flips Chainlink & SUI in Market Cap Rankings

• Hyperliquid (HYPE) token surged over 17% in 24 hours, hitting a new all-time high of $39.93.
• HYPE has climbed to the 11th spot in crypto rankings, surpassing Chainlink, SUI with a market cap nearing $13 billion.

The native token of Hyperliquid, HYPE, has been making serious waves in the crypto market—shooting up by more than 17% in the last 24 hours and reaching a fresh all-time high (ATH) of $39.93 on May 26. This surge comes after two earlier ATH breakouts at $38.33 on May 25 and $37.17 on May 23, signaling a strong upward trend for the decentralized perpetual trading platform’s token.

At the time of writing, HYPE is trading at around $38.89, with a market cap of $12.98 billion, according to data from CoinMarketCap. Its 24-hour trading volume has also climbed by nearly 60%, reaching over $480 million—a clear indication of growing interest and activity around the token.

HYPE’s recent price jump and market cap growth have helped it leap ahead of several well-established projects. It now holds the 11th spot among the top cryptocurrencies, overtaking Chainlink (LINK), Sui (SUI), and even Avalanche (AVAX) and Stellar (XLM). Just a few days earlier, HYPE was sitting in 12th position, but the consistent rally has allowed it to break into higher ranks.

What’s Powering Hyperliquid’s Rise?

Hyperliquid is a decentralized derivatives exchange built on HyperEVM, its own high-speed Layer-1 blockchain. As DeFi adoption picks up pace, Hyperliquid is carving out a strong name for itself in the sector.

One major factor driving attention to the platform is a headline-making move by a trader named James Wynn, who reportedly placed a massive $1.1 billion long position on Bitcoin using 40x leverage via Hyperliquid. This high-risk, high-reward trade—linked to wallet address “0x507”—put Wynn’s profit at over $20 million, highlighting the platform’s deep liquidity and appeal to serious traders.

Further supporting its rise, on May 22, Hyperliquid hit $8.9 billion in open interest, with daily trading fees crossing $53 million, and $3.61 billion worth of USDC locked in the platform. These record numbers suggest increasing adoption and trust in the protocol.

Hyperliquid has also recently introduced USDT deposits, and its engagement with the U.S. Commodity Futures Trading Commission (CFTC) on DeFi regulations has added to its credibility. An update from their ongoing discussions with the CFTC was posted a few hours ago, sparking fresh conversations in the crypto space.

Technical Picture: Hyperliquid (HYPE) Shows Strong Signals

Looking at the charts, HYPE is showing a strong bullish trend, consistently forming higher highs and higher lows. On the 4-hour chart, however, technical signals are mixed. A rising wedge pattern—which often hints at a potential reversal—is beginning to form. The Relative Strength Index (RSI) is hovering around 72, suggesting the token is currently overbought. The MACD is still bullish, but its histogram is showing signs of weakening, which could mean the momentum is slowing down.

(Source: TradingView)A rejection near the $39.60 level could point to a double top, a bearish indicator that might lead to a short-term pullback. If that happens, potential support zones lie around $35.43, $32.85, and $30.76, based on Fibonacci retracement levels.

On the flip side, if HYPE breaks past $39.60 with strong volume, it could aim for the psychological barrier between $40 and $42.

HYPE’s rally has caught the attention of the entire crypto community, and with its growing ecosystem, impressive user metrics, and viral momentum, it’s becoming a project to watch. While the trend remains bullish, keeping eye on technical levels and indicators to manage risk in case of a cooldown.