Hyperliquid [HYPE] punches a fresh all-time high, racking up over 80% in monthly gains.

HYPE's journey from mid-April to now has firmly stamped it as the “altcoin of the season” — and it's easy to see why.

Hyperliquid [HYPE] has punched into a fresh all-time high, not to mention clocking in over 80% in monthly gains. That kind of move doesn’t go unnoticed.

Predictably, opportunistic shorts piled in, betting on a classic post-ATH cooldown. But macroeconomic headwinds have flipped the script, setting the stage for a deeper squeeze.

In the last 24 hours alone, $857.8k in longs were liquidated, making up 65% of total wipeouts. It was a clear sign that bullish overextension met a well-timed macro gut check.

At press time, HYPE traded 9.54% below its peak, with cooling momentum, but far from collapsing.

According to AMBCrypto, if spot accumulation resumes, shorts may still end up on the wrong side of a deeper squeeze.

HYPE’s journey from mid-April to now has firmly stamped it as the “altcoin of the season” — and it’s easy to see why.

Savvy investors jumped in to accumulate seriously after the price hit an all-time low of $9.28 due to post-Liberation Day macro fears.

Fast-forward 60 days, and HYPE blasted off to $37.60 with clean, steady momentum, which is key here.

Every time HYPE hit a new local high, short sellers rushed in, betting on a pullback. But the bulls weren’t having any of it.

The breakout on the 23rd of May was especially brutal for bears, as it wiped out over $23 million in short positions.

Yet, AMBCrypto spotted a divergence worth noting. Unlike past bear attempts, this wave coincides with heightened market-wide volatility and an RSI stretched into overbought territory.

Classic overheating signals are flashing, hinting that investors may be positioning for a cooldown amid rising pullback anxiety.

That said, the road ahead for Hyperliquid is anything but certain. If bulls can’t absorb this pressure, the shorts might finally seize control.

At press time, HYPE was making waves with a solid 5.08% intraday jump from yesterday’s $33.30 close.

What’s fueling the move?

A 3.36% dip in Open Interest (OI) down to $1.21 billion, showing traders are actively deleveraging and taking some heat off the derivatives market.

More importantly, Futures sell pressure is being met with steady absorption. This lines up with AMBCrypto’s take: spot accumulation hasn’t vanished—it’s just quieter.

Looking ahead, the next key level sits near $35.50.

According to CoinGlass, this is where nearly $20 million in leverage could be flushed if HYPE breaks upward again.

If demand on-chain keeps its momentum, HYPE might just be gearing up to write a fresh chapter with a new all-time high very soon.