HYPE of Hyperliquid hits a new ATH: Will this bullish trend continue?

Hyperliquid (HYPE) has traded at ATH levels in the past few days and is currently holding above $40. This Token has increased nearly 70% in 30 days, becoming one of the top 10 crypto assets by market capitalization, excluding stablecoins and wrapped tokens.

The uptrend occurs as Hyperliquid continues to dominate the futures market and records the highest revenue in the crypto sector. With strong momentum and positive technical indicators, HYPE remains the center of attention.

Hyperliquid dominates the perpetual futures market with overwhelming trading volume

Hyperliquid has established itself as a dominant force in the crypto futures market, with its market share skyrocketing from 63.7% in December 2024 to 76.9%.

With weekly trading volumes ranging from 50 to 75 billion USD, far exceeding the 4 to 7 billion USD range of the nearest competitor, Jupiter.

Market share of perpetual futures | Source: DuneIt has generated nearly 65 million USD in revenue over the past 30 days, ranking just behind the stablecoin giants Tether and Circle while outperforming other established names like Tron, PancakeSwap, Axiom, and Pump.

! Ranking of Protocols and Chains by (30 ngày) Revenue | Source: DeFiLlamaIn the last 24 hours alone, Hyperliquid has brought in $2.5 million in revenue, as its native token soared to new record levels, despite the recent controversy surrounding James Wynn's trade.

Recently, HYPE has been listed on Binance US and analysts are currently speculating whether it might appear on the Binance exchange.

HYPE cools down after RSI peaks, but still has momentum

The native Token of Hyperliquid, HYPE, has seen its Relative Strength Index (RSI) cool down to 67.27 after reaching a peak of 77.63 yesterday, although it remains significantly higher than the 50.85 level two days ago.

RSI is a momentum oscillator that ranges from 0 to 100, commonly used to determine overbought or oversold conditions. Levels above 70 indicate that the asset may be overbought and a pullback is imminent, while levels below 30 suggest that the asset is falling into the oversold territory.

! HYPE RSI | Source: TradingViewWith HYPE currently just below the overbought threshold, this suggests that the bullish momentum remains, but buyers may be slowing down after a strong rally.

BBTrend, another important indicator, is currently at -0.9, up from -4.11 just one day ago, although it remains negative for three consecutive days.

BBTrend (Bollinger Band Trend) measures price strength against volatility bands, with positive values typically signaling strong upward trends and negative values indicating weakness or consolidation.

HYPE BBTrend | Source: TradingViewBBTrend is -0.9 indicating that the price is still in a consolidation or weakening phase, but the strong recovery from lower levels suggests stable momentum.

Together, these indicators suggest a cooling phase of HYPE, where the strong rally may pause temporarily, but signs of new strength are beginning to emerge.

HYPE holds price above $40, aiming for a target of $45

HYPE has maintained its position above $40 since yesterday, supported by a strong EMA structure, where short-term lines continue to trend higher than long-term lines, signaling sustainable bullish momentum.

This linkage reflects a healthy market sentiment and shows that buyers still have control over the current situation.

! HYPE Price Analysis | Source: TradingViewAs long as this setup remains intact, the chances of the HYPE continuing to rise are quite high, with the next major challenge for the bulls hovering around the $45 area.

However, there are still downside risks present. In the event that momentum weakens, HYPE may retest the support level of $38.2, and falling below this level will trigger a deeper correction.

The price could drop to $32.62 and if the selling pressure remains strong, HYPE may slide to a bottom level around $30.64.

Vincent