Hyperliquid (HYPE) price surges to an all-time high of $39.93 amid $1 billion whale activity.

HYPE price could run 50% more to claim the $56.70 market, provided sustained momentum.

Hyperliquid (HYPE) price surged to a new all-time high of $39.93 in the early hours of 25 August, fueled by a billion-dollar bet reversal and surging open interest.

The current price momentum in Hyperliquid coincides with a notable rise in on-chain activity. As announced by the Hyperliquid team, the open interest has surged to a record high of over $10.1 billion, reflecting a sharp increase in leveraged positions in the market.

Simultaneously, social sentiment has surged significantly, as evident by the metrics from LunarCrush. This surge in online discussions and search interest highlights a growing retail and institutional interest in HYPE’s parabolic movement.

Hyperliquid’s HYPE is presently at $38.02, with a 7.21% increase in the last 24 hours. It is also up 49.8% over the past week, and stands at +112.38% over the past month. This remarkable price growth has pushed its market cap to $12.69 billion, placing it closer to the top 10 cryptos.

Talking about volumes that have come in the past hours, the business in HYPE surged to $496.11 million, a massive 65.69% spike. The interest from both retail and institutional players led to the token soaring to a new all-time high of $39.93.

Bankless co-host and crypto influencer, James R Wynn, known for his massive billion-dollar bet on BTC, has expressed his optimism regarding Hyperliquid. Wynn, a vocal supporter of Bitcoin and a recognized figure in the crypto sphere, shared his positive views on HYPE, showcasing his interest in the token.

However, traders should remain cautious of potential volatility as the price approaches overbought levels on multiple timeframes. In such a case, HYPE price could trace back to its support at $35.420.

For long-term targets, check out our Hyperliquid (HYPE) Price Prediction 2025, 2026-2030!

HYPE price surges to an all-time high

Hyperliquid price is trading at $38.02 at the time of writing, with a 7.21% increase in the last 24 hours. The token is also up 49.8% over the past week, and stands at +112.38% over the past month.

This remarkable price growth has pushed its market cap to $12.69 billion, placing it closer to the top 10 cryptos.

Open interest continues to soar

The Hyperliquid team has announced that the open interest has crossed $10.1 billion, another record high hit by the token this week.

This signals a strong level of interest in the token from both retail and institutional traders, who are placing large leveraged positions in the market.

At the same time, social sentiment towards Hyperliquid has surged to "extreme levels," according to LunarCrush. This is evident by the massive increase in posts, comments, and search interest for HYPE.

HYPE price technical analysis: a healthy consolidation

The current pullback in Hyperliquid price can be regarded as a healthy consolidation, especially with the support offered by the 9-period SMA at $37.378. This indicates ongoing bullish control unless the price breaks below the key support at $35.42.

A successful breach of $44.65, the next resistance level, could act as a launch pad toward the target of $56.70.

However, traders should remain cautious of potential volatility as the price approaches overbought levels on multiple timeframes. In such a case, HYPE price could trace back to its support at $35.420.