Highlights:
- HYPE is firmly in a bullish channel
- HYPE could trade at new highs if the intraday high of $46.86 is broken
- A rally could be triggered by internal fundamentals and broader market momentum
Hyperliquid (HYPE) is one of the top gainers in the last 24 hours. It is outperforming most top cryptocurrencies on a day when the market is starting to send bullish signals. In the last 24 hours, HYPE is up by 1.36% to trade at $44.36. However, even as the price goes up, HYPE trading volumes have dropped significantly during the day.
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Volumes are down by 7.95% to stand at $285.77 million. This indicates that the average HYPE holder is not keen on selling even as the price approaches the recent all-time high. It is a pointer that holders expect the price to keep going up in the short to medium term. The buildup of momentum is based on multiple factors, some directly linked to HYPE itself, while others are related to the broader market.
Hyperliquid Growing Adoption Driving Bullish Adoption
One of the HYPE-specific factors likely to help push the price higher is its growing adoption for perpetual trading. In the past month, HYPE pulled a surprise to become one of the most adopted platforms for perpetuals trading. Hyperliquid processed $319 billion in perpetual trading volumes. This was a surge of 34% in trading volumes month-to-month. Such adoption is likely to keep pushing the value of HYPE higher over time. That’s because HYPE is the token that underpins the entire Hyperliquid ecosystem.
DeFi HEATS Up: HYPERLIQUID DRIVES $487B TRADING VOLUME in JULY
Hyperliquid just made waves in the DeFi space! The decentralized exchange (DEX) processed a staggering $319 billion in trades during July, setting a new all-time high in monthly volume for DeFi perpetual futures… pic.twitter.com/WzH0hgb73D
— Degen Play Gods (@degenplaygods) August 7, 2025
Rising Hyperliquid Trading Volumes Point to Growth
The growing adoption of HYPE is also evident in its trading fees being on the rise. In July, HYPE took 35% of all revenues generated by blockchains. According to analysts at VanECK, this surge in HYPE’s share of blockchain revenues is an indicator that market dynamics are changing. The shift, the analysts note, is driven by the easy-to-use nature of the Hyperliquid platform. This is a factor that is drawing investors to Hyperliquid and, in the process, helping drive the price of HYPE higher over time.
Study HyperLiquid.$HYPE reached a new all-time high in TVL.
Higher TVL builds more trust.
More trust attracts more users. pic.twitter.com/j02n5whZOJ
— Param (@Param_eth) August 11, 2025
Possible Rate Cuts In September Could Push HYPE Higher
On the macro factors, there are multiple factors likely to sustain the momentum HYPE has built so far. One of them is the growing market optimism that a rate cut is coming in the US in September. This is likely to push money into risk-on assets. HYPE, being one of the best-performing cryptocurrencies that also has solid fundamentals, is likely to draw in significant capital relative to most altcoins. This puts HYPE in a prime position for a rally to a new all-time high in the short to medium term.
Now a 94.4% probability of a rate cut in September pic.twitter.com/xSAvA1QqSl
— MartyParty (@martypartymusic) August 5, 2025
Trump’s Executive Order Likely to Accelerate HYPE Momentum
Still on the macros, President Trump has signed an executive order allowing 401(K) accounts to hold cryptocurrencies. This is expected to attract over $6 trillion into the cryptocurrency market. Due to the highly conservative nature that comes with retirement planning, chances are that a huge amount of this money will go into cryptocurrencies that offer a mix of growth and safety.
HYPE is one of the top cryptocurrencies that stands out on this front. This is mainly due to the growing adoption of Hyperliquid in the perpetual trading market. If it takes a significant portion of the incoming liquidity, HYPE could be headed to prices as high as $100 in the short term.
Trump just signed an executive order to have Crypto in 401Ks
If you still think crypto is going to 0 go fuck yourself 😂 pic.twitter.com/KClbmWqs1q
— Johan Liebert (@johanlieberteth) August 7, 2025
Technical Analysis – HYPE Trading In A Bullish Channel
HYPE has been trading in a bullish channel since August 7. It has been making higher lows, an indicator that every slight dip in the price has been quickly bought up.
Today, HYPE has bounced off a low at $44.42, which means bulls are still in control. If the bullish momentum continues, the key level to watch for HYPE will be the day’s high of $46.86. On the other hand, if bulls lose momentum, then HYPE could consolidate around $44.42 for the rest of the day.
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