HYPE’s Price Surge to $39.93 Propels It Past Avalanche, Chainlink, and Stellar

HYPE token reached a new ATH of $39.93 with rising market cap and trading volume.

Large $1.1B leveraged Bitcoin trade on Hyperliquid highlights platform liquidity.

MACD indicates bullish momentum, but RSI suggests potential short-term correction.

The native token of Hyperliquid, Hyperliquid, has experienced significant gains in the past several days, reaching a new all-time high (ATH) of $39.93 on May 26. This marks a notable increase following previous ATH levels of $37.17 on May 23 and $38.33 on May 25. These consistent price rises demonstrate strong momentum for the decentralized perpetual trading platform’s token.

Current Market Performance and Ranking

As of reporting, CoinMarketCap shows Hyperliquid has a price of $37.63 and a market cap of $12.56 billion. Trading in BTC 24 hours a day has jumped by 34%, passing $450 million. The rise in traded quantity is a sign that more people are interested in trading the token.

Source: CoinMarketCap

This market activity has allowed Hyperliquid to move ahead of several well-known cryptocurrencies in market capitalization. The token now ranks 11th among the top digital assets, surpassing Chainlink (LINK), Sui (SUI), Avalanche (AVAX), and Stellar (XLM). Only days earlier, Hyperliquid held the 12th position, showing progress in the competitive crypto market.

Hyperliquid operates as a decentralized derivatives exchange running on HyperEVM, its proprietary Layer-1 blockchain known for high processing speeds. As decentralized finance (DeFi) gains traction, the platform is attracting more users.

A major event contributing to the platform’s visibility was a large leveraged trade by a trader named James Wynn. Wynn reportedly opened a $1.1 billion long position on Bitcoin with 40x leverage through Hyperliquid. The trade, linked to the wallet address “0x507,” generated over $20 million in profit. This transaction illustrates Hyperliquid’s deep liquidity and appeal to high-volume traders.

Platform Metrics and Developments

On May 22, Hyperliquid recorded $8.9 billion in open interest, daily trading fees exceeding $53 million, and $3.61 billion in USDC locked within the protocol. These figures indicate increased platform usage and trust from users.

Additionally, Hyperliquid recently enabled USDT deposits, expanding its stablecoin options. The platform has also engaged with the U.S. Commodity Futures Trading Commission (CFTC) regarding decentralized finance regulations. An update from ongoing discussions was posted recently, renewing conversations about regulatory compliance in DeFi.

Hyperliquid upward price movement, strong market capitalization, and increased trading volumes reflect growing activity around Hyperliquid. Key large trades and platform metrics further underline its emerging presence within the decentralized derivatives sector.

Technical Analysis: Can the Bullish Trend Extend?

Tracking the future projections of Hyperliquid using a one-day TradingView Chart, Hyperliquid’s Hyperliquid token shows a strong bullish momentum based on the MACD and RSI indicators. The MACD line (1.0179) is above the signal line (3.1366), indicating positive momentum, although the histogram suggests momentum may be weakening slightly

Source: TradingView (HYPE/USD Chart)

The RSI is currently at 78.69, well above the overbought threshold of 70, signaling that the token is potentially overbought and may face short-term correction or consolidation. Despite the recent price surge toward $39.93, the elevated RSI warns of possible pullbacks. However, sustained MACD support could maintain upward momentum if buyers remain active.