Hyperliquid [HYPE] prices surge 9.5% in 24 hours

However, according to the latest CryptoQuant data, the HYPE Spot Volume Bubble Map reported that volumes are cooling off.

Hyperliquid [HYPE] prices went up a lot in the past 24 hours, rising by 9.5%. But according to the latest CryptoQuant data, the HYPE Spot Volume Bubble Map shows that volumes are cooling off.

This inconsistency means that the underlying bullish power might still be there, even though the buying momentum is getting weaker.

Spot Volumes usually show immediate buying and selling interest. A decrease in this figure after a price increase can mean that retail demand is decreasing.

However, in HYPE's case, other figures show that the rally may continue.

TVL reaches new highs as positive sentiment continues

One of the positive signals is HYPE's Total Value Locked (TVL), which went up over 4% to reach $1.073 billion in the last 24 hours, as reported by DefiLlama.

People are putting more capital into the network for activities like staking, lending, or DeFi, which is shown by an increasing TVL, and this shows investor confidence.

At the same time, the Long/Short Ratio is heavily skewed towards longs, which means that most traders are preparing for the price to go up more.

This ratio, especially when combined with a rising TVL, shows that there is sustained interest in the market.

HYPE is still bullish on the daily charts

Looking at the technical side, Hyperliquid (HYPE) has been moving in a clear bullish channel on its daily chart since it started going up again in early April.

The token has managed to keep the gains and is making higher lows and higher highs, which are traditional signs of a strong uptrend.

The newest daily surge is part of this bigger bullish trend, which shows that the rally isn't happening in isolation.

It seems to be part of a broader momentum scenario. If HYPE continues like this, the next key resistance levels will probably become active soon.

Of course, the decreasing Spot Volume could mean more turbulence in the short term. But the TVL growth and the Long/Short Ratio being heavily skewed towards longs suggest otherwise.

If this momentum continues and the support levels stay strong, HYPE might extend its rally and reach higher targets in the near future.