Hyperliquid (HYPE) price flips $39 to reach a new all-time high above $40

HYPE has outpaced Solana and Cardano in recent performance. Per market data, the decentralized perpetual trading platform recorded daily trading volume exceeding $426 million

Hyperliquid (HYPE) price reached its all-time high above $39 on Friday, May 26, breezing to the peak amid massive buying pressure.

HYPE has outpaced Solana and Cardano in recent performance.

Per market data, the decentralized perpetual trading platform recorded daily trading volume exceeding $426 million as HYPE reached a new all-time high.

This marked a significant increase from the $292 million logged the previous day when the token was trading around $34.

The layer 1 blockchain also managed other milestones across its ecosystem, with the price surge helping the total value locked jump to a new high.

Open interest also rose as HYPE’s uptrend continued to attract attention, while other on-chain metrics such as stablecoin market cap pumped to a record high.

Hyperliquid and key network growth

As noted above, on-chain metrics for Hyperliquid are positioning the chain well for potential upward continuation amid broader market moves.

Per Coinglass data, the open interest in the HYPE token has jumped to $1.41 billion.

OI had been hovering around $900 million last week. This represents an all-time high for OI in the token that traded to lows of $3.20 in late November 2024 and is up an impressive $1,061% since then.

The rebound as the altcoin reached its ATH was even bigger.

This positions HYPE for a potential breakout, as fear of missing out on one of the cycle’s top-performing altcoins draws in new buyers.

Whales have recently shown confidence in the long-term price of HYPE, and DeFiLlama shows the Hyperliquid 1 TVL has topped $1.75 billion.

The platform has seen daily revenue hit $1.87 million, while DEX and perps 24-hour counts stand at $509 million and $6.9 billion, respectively.

Meanwhile, the stablecoin market cap across the platform has grown to over $3.62 billion.

Hyperliquid is absolutely killing it:

– TVL is up 110% in the past month– it's the 4th largest L1 by mindshare– it just hit a new ATH in open interest

Imagine the smell if the team also confirms a 2nd $HYPE airdrop.pic.twitter.com/CTRvleiKbC

— The DeFi Investor 🔎 (@TheDeFinvestor) May 27, 2025

HYPE price prediction

While Hyperliquid’s token has traded to lows of $36.14, as the area around $38 looks to offer bears an advantage, analysts are bullish about HYPE.

The surge to a new ATH has moved HYPE off the lows seen amid negative sentiment earlier in the year.

If bulls break above $40, could another leg up bring the much-desired $100 mark into view?

A rally for HYPE amid price discovery could see bulls target the psychological mark, in this case, catalysts including altcoins breakout and fundamental interest in the DEX and perps platform.

On the downside, key support levels could be around $32 and $26.