HYPE Token Surges 67.2% Monthly, Reaches New All-Time High Above $44

Hyperliquid, a decentralized exchange, has recently diverged from the broader market trends, achieving a new all-time high (ATH) above $44. This surge comes despite the selling pressure faced by major tokens. The HYPE token, which powers the Hyperliquid platform, has seen significant buying volume, driving its price to unprecedented levels. However, the token is currently experiencing a minor retracement, though it remains above crucial support levels, indicating potential for further price increases. The next target for the rally is set at $50, raising questions about whether the HYPE price can reach this level as effortlessly as it has thus far.

The HYPE token has been a standout performer among the top 15 cryptocurrencies, with a remarkable 12.4% weekly gain and a substantial 67.2% monthly surge. This impressive performance can be attributed to the migration of traders to Hyperliquid's decentralized exchange, which offers superior perpetual futures options that rival major centralized platforms. A significant factor behind this surge is the involvement of a whale who leveraged $11.15 million to drive the HYPE momentum. Additionally, Hyperliquid's monthly perpetuals volume and futures open interest continue to rise, further bolstering the token's price.

The HYPE price has maintained a healthy ascending trend since rebounding from a low below $10. The token has consistently set higher highs and lows, indicating strong bullish control over the rally. The Chaikin Money Flow (CMF) indicator had been in a steep bearish trend despite the elevated price levels. However, recent bullish divergence suggests an impending shift from a bearish to a bullish trend. The Relative Strength Index (RSI) has reached overbought levels, but even after a pullback, the levels remain within range, suggesting that the Hyperliquid price is poised to maintain a steep ascending trend and stay in the discovery phase. The next target could be at the 1.2 Fibonacci (FIB) levels above $50, around $52.