Peter Smith
HYPE token is having quite the week, jumping 19% to $48.57 and sitting just a hair away from its all-time high. What's got traders excited? Hyperliquid just crushed its own records with a mind-blowing $29 billion in daily trading volume.
HYPE Price Momentum Builds as Platform Hits New Heights
Trading at $48.57 right now, HYPE is only 1.1% shy of its July peak of $49.75. The token's been on a steady climb over the past seven days, bouncing between $40.46 and $49.13 as buying pressure builds.
But here's where it gets interesting – Hyperliquid didn't just break records, it absolutely demolished them. That $29 billion daily volume came with $7.7 million in fees, showing this isn't just wash trading but real market activity. For context, that's more volume than many major centralized exchanges see on their best days.
HYPE Token Rides Wave of Institutional Interest and Smart Money Moves
The numbers tell quite a story. Hyperliquid's total value locked shot up from around $460 million in mid-July to $610 million today – that's a solid 33% bump in less than a month. Even crazier? Monthly inflows exploded from $21.35 million in June to $349.27 million in July. Yeah, you read that right – over 1,500% growth.
What's driving all this action? A couple of big moves caught everyone's attention. Circle announced on July 31 that native USDC and CCTP V2 are coming to Hyperliquid, which basically means easier money flows and better liquidity for traders. Then Anchorage Digital Bank dropped news on August 13 that they'll custody HYPE tokens – that's huge for getting institutional money on board.
HYPE Price Technical Setup Screams Breakout Potential
The charts are looking pretty sweet for HYPE right now. Every major moving average – from the 200-day all the way down to the 10-day – is flashing green. That's what traders call a "golden alignment," and it usually means the bulls are in full control.
RSI sits at 63, so there's still room to run before hitting overbought territory. The MACD is positive, and the stochastic at 87.81 shows buying momentum is still strong. But here's the kicker – the Bollinger Bands are squeezing tight while price hugs the upper band. This pattern often happens right before a major breakout.
If HYPE can punch through that $49.75 resistance level and hold above it, the next stop could be $55, with some resistance around $52. On the flip side, $45 should act as solid support, with stronger buying likely to kick in around $42 where the 20-day EMA sits.
With volume still pumping and institutions piling in, HYPE price looks primed for its next big move. The only question is whether it can break that psychological $50 barrier and really let loose.
Peter Smith
