Hyperliquid Price Surges 220% on Record Network Demand

Hyperliquid (HYPE) has seen a remarkable surge in its price, with a 220% increase since its April low. This upward momentum is backed by growing network demand, as evidenced by a record-breaking $8.9 billion in open interest and a total value locked (TVL) of USD coins on the network reaching a record high of $3.2 billion. This TVL represents over 5% of all USDC coins in circulation, highlighting the significant role Hyperliquid plays in the decentralized finance (DeFi) ecosystem.

The 24-hour network fee has also surged to $5.4 million, indicating a rise in usage and investor engagement. Currently, the HYPE price is trading at $31.222, marking a 15.20% daily jump and a 23.17% weekly gain. The price is well above its 9-period simple moving average (SMA) and 50-period moving average (MA), suggesting a bullish breakout on the 4-hour chart.

The growing trading volume, which has increased by 136.06% to $332.35 million, further supports this bullish trend. HYPE is now approaching its key resistance zone at $32.5. If bulls can push past this level, a new all-time high (ATH) at $35.23 could be achieved by the weekend. However, liquidations near the fresh high could drag the price down to its support level between $23 and $24.

According to analysts' forecast, HYPE appears to be in an uptrend, supported by a bullish structure and strong fundamentals. However, investors should consider the short-term volatility before making a purchase. The price of one HYPE token at the time of publication is $31.222, with a daily gain of 15.20%. While a drop back below $25 is possible, the strong support at $23–$24 and growing ecosystem metrics make a steep drop less likely unless there is a market-wide correction.

The surge in HYPE's price reflects a broader trend in the altcoin market, with analysts calling this surge an early signal of a possible altcoin season. The price of HYPE has been primed to retest its peak of $35, with the potential to hit this mark this weekend. The open interest in Hyperliquid has also hit $4.9 billion, further indicating the growing interest and investment in this cryptocurrency.