Hyperliquid ($HYPE) surges 24% in a week to new all-time high of $46.22

Hyperliquid ($HYPE) has surged to a new all-time high of $46.22, marking a 24% increase over the past week and a 10% gain in the last 24 hours. This rally is driven by the growing demand for decentralized finance (DeFi) derivatives and speculation surrounding the altcoin season. Despite a slight pullback to $45.59 at the time of reporting, the token's momentum remains strong, reflecting the increasing interest in Hyperliquid’s HyperBFT network.

Hyperliquid operates its own Layer-1 network, which bypasses gas-fee congestion and offers central-exchange speed with on-chain order books. With 333.92 million $HYPE tokens in circulation and a market cap of approximately $15.2 billion, the platform provides deep liquidity and attracts institutional interest. The on-chain platform currently has $463.28 million locked in bridged total value locked (TVL), highlighting its significance as a decentralized perpetual exchange.

In early June, Tony G Co-Investment Holdings invested $438,000 into $HYPE, becoming the first public company to add it to its treasury. This move signals institutional confidence in the platform. Additionally, validator staking rules now require 10,000 $HYPE self-delegation, ensuring robust network security and aligned incentives.

The hype around an altcoin season has been building since late May, when former BitMEX CEO Arthur Hayes made a bold price prediction for Hyperliquid’s $HYPE token. Hayes, who is already a major $HYPE investor, recently acquired millions of tokens, underscoring his conviction in Hyperliquid’s long-term potential. Hayes also backed legendary trader James Wynn’s massive bet on the platform, further amplifying the momentum.

Bitcoin’s recent climb to become the world’s fifth-largest asset, surpassing $2.36 trillion in market value as of July, has boosted investor appetite for leverage platforms and altcoins. This rising tide has already lifted $HYPE’s 24-hour trading volume, setting the stage for the next breakout.

The 4-hour chart for $HYPE/$USDT shows a striking parabolic advance that began after a mid-range consolidation near the $37–$39 zone. $HYPE oscillated in a broad sideways channel for nearly two weeks, coiling beneath key resistance as buyers gradually absorbed supply. This slow accumulation phase created the conditions for the explosive breakout that followed.

The pivot began on July 9, where $HYPE broke above minor resistance at $39.7 with a strong bullish candle. This move was supported by increasing volume, indicating that large players were stepping in. Once $41.50 was cleared, a vertical climb ensued. $HYPE posted a series of large-bodied green candles, each one closing near the high, a clear sign of aggressive buyer control with little resistance overhead.

By July 11, the price had jumped to an all-time high of $46.09, representing a nearly 20% move in less than 48 hours. One thing to note is that no significant pullbacks were observed during the rally, reinforcing the urgency behind the buying. Ideally, parabolic run-ups are bullish, but they are often followed by a cooling-off period during which the new supports can be tested.

Immediate resistance lies near $46.50–$47.00, with the Relative Strength Index (RSI) likely entering overbought territory. $HYPE traders will now be watching closely for a potential flag or consolidation range to form, which is a healthy pause that could offer continuation if demand persists. A break above $47 could open the gates toward $50 and beyond, but failure to hold above $44.80 might trigger profit-taking. Short-term support is expected near $42.50 and then $40.