Hyperliquid (HYPE) Draws Renewed Attention From Arthur Hayes, BitMEX Co-founder

Arthur Hayes, BitMEX co-founder, has drawn renewed attention to Hyperliquid (HYPE) following a strong price rally in April.

Hyperliquid (HYPE) is continuing to heat up.

The token dropped 1.52% over the past 24 hours, trading at $20.26 at the time of writing. Despite a decrease in 24-hour trading volume—down 18.20% to $147.85 million—the asset continues to show strong price support and resilience.

HYPE clocked a big move from $13.32 to $20.445 in April. This move represents a 53.51% monthly gain. The token added $7.127 in value over that period.

HYPE is among the best-performing tokens in April. The asset recovered from a local low of $9.50 earlier in April. The token clocked strong buying pressure mid-month, pushing past the $17.5 resistance. Afterward, it consolidated near $19 and later moved above the $20 threshold.

The circulating supply of HYPE is 333.92 million, while the capped total is 1 billion tokens. This creates conditions for sharper price action due to the limited float.

Hyperliquid Is Among the Best-Performing Tokens in AprilAs the cryptocurrency market continues to recover from the recent downturn, there has been a shift in focus toward altcoins.

With Bitcoin (BTC) stabilizing above the crucial $50,000 level and Ethereum (ETH) aiming for a breakout from the $2,000-$2,100 range, traders are increasingly setting their sights on promising altcoins for optimal returns.

Among the best-performing tokens in April is Hyperliquid (HYPE). The token recovered sharply from a local low of $9.50 earlier in April, notching a 53% monthly gain as it clocked strong buying pressure.

HYPE also managed to push past the $17.5 resistance and consolidated effectively near $19 before moving above the $20 threshold.

The circulating supply of HYPE is 333.92 million, while the capped total is 1 billion tokens, which may be facilitating sharper price action due to the limited float.

HYPE May Not Fall Below $20 Again, Says Analyst

Analyst Drew Dove believes that HYPE may not fall below $20 again.

Pointing to an intraday breakout above $19.30 on Friday, the token hit an hourly high of $19.423 and rebounded from lows of $19.095.

Several “Buy” indicators on the one-hour chart also emerged, highlighting continued accumulation and a strong breakout from short-term resistance levels around $18.50 to $19.00.

The token's performance over the past month has been remarkable, considering it nearly tripled in April alone.

HYPE is currently ranked 37 on CoinGecko, and its market cap is $6.76 billion, while its fully diluted valuation, at $20.26 billion, matches its current price.

Intraday data from the Hyperliquid DEX shows HYPE trading upward, with higher lows and raised volume levels. The hourly chart reflects continued strength, with short-term support forming at $17.50 and price levels now retesting the logical resistance at $21.

Although the asset briefly touched this level on May 2, it retraced and stabilized at $20.26.