HYPE Token Surges 7% as Hyperliquid DEX Volume Hits $11.44 Billion

Hyperliquid’s native token, HYPE, has regained the $40 mark, trading at $40.56 at the time of reporting. This represents a 7% increase in the past 24 hours and a 15% rise over the past week. The token's recovery is significant, as it had previously dropped to a monthly low of $32.62 on June 22. The last time HYPE crossed the $40 threshold was on June 18, before a sharp decline that saw it drop nearly 25% over four days. Currently, HYPE is trading just 11% below its all-time high of $45.57, which was set on June 16.

The recent resurgence in HYPE's value coincides with a significant increase in decentralized exchange (DEX) volume on the Hyperliquid platform. June's DEX volume on Hyperliquid reached $11.44 billion, the highest monthly total since December 2024. This figure more than doubles April's $4.86 billion and represents an 18% increase from May's $9.66 billion. This surge in volume suggests that platform usage and trader confidence are on the rise. Additionally, Hyperliquid's total locked value has increased more than fivefold from its April low of around $330 million to $1.8 billion as of press time.

From a technical perspective, HYPE is showing strength but remains in neutral territory according to several key metrics. The relative strength index, currently at 60 and trending upwards, indicates that the asset is gaining momentum without being overbought. Momentum indicators are leaning bullish, with a positive 10-day momentum reading of 7.31 and the moving average convergence approaching a crossover zone. Most moving averages, including the 10, 20, 30, 50, 100, and 200-day exponential and simple moving averages, support the ongoing uptrend, reinforcing the idea that HYPE is trending above key support zones.

However, some oscillators, such as the average directional index and awesome oscillator, are still in neutral territory. This suggests that while there is upward movement, strong trend confirmation is still pending. Volatility may soon increase significantly in either direction due to the tightening of the Bollinger Bands.

If DEX volumes continue to rise, a break above $41.50 could pave the way for a retest of the all-time high at $45.57. Conversely, failure to maintain above the $38–$39 range may lead to short-term profit-taking, with a possible decline toward $35 if overall market sentiment deteriorates. The increasing DEX volume and total locked value on Hyperliquid indicate a growing interest and confidence in the platform, which could support further price appreciation for HYPE.