Hyperliquid (HYPE) Reaches a New All-Time High of $39.39

Hyperliquid (HYPE) reached a new all-time high of $39.39 on May 26, marking another milestone in its impressive rally

Hyperliquid (HYPE) reached a new all-time high of $39.39 on May 26, marking another milestone in its impressive rally since April. The decentralized exchange token also rose 11% in the past 24 hours.

The token has delivered a 300% return since hitting lows around $10 on April 7. This performance positions HYPE among the top-performing assets in the current crypto market cycle.

Trading volume has exploded alongside the price movement. Daily volumes reached $570.5 million on Saturday, a massive increase from May's earlier lows of just $78 million.

Hyperliquid hit multiple all-time highs today, including: + Open interest: $8.9B + 24h fees: $5.4M+ USDC TVL: $3.2BOnchain, transparent markets are the future. pic.twitter.com/DBUWZZEkgk— Hyperliquid (@HyperliquidX) May 22, 2025

The breakout occurred on May 21 when HYPE decisively broke above the $27.50 resistance level. This move cleared the path for the token to reach new highs after being trapped in a descending parallel channel.

Following the breakout, the rally turned parabolic. HYPE surged over 50% in under a week to reach today's peak.

Technical Analysis

Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) continue trending higher. Both indicators are in overbought territory but have not formed bearish divergences, which could serve as a warning sign of potential reversals.

Wave count analysis suggests the rally may be approaching its final phase. According to this technical framework, HYPE completed a correctional structure on April 7. This was followed by the start of a five-wave impulsive move upward.

If this structure holds, HYPE is now in the fifth and final wave of the current bullish cycle. Extended fifth waves can often mirror the combined length of earlier waves. Based on this projection, the next potential target sits at $44.65.

Should momentum continue accelerating, a more ambitious extension could take HYPE as high as $56.70. This level corresponds to the 1.61 Fibonacci extension.

Hyperliquid Hits Record Levels

The Hyperliquid platform has seen record-breaking activity levels. Open interest crossed $1 billion for the first time in the platform's history and currently stands at $1.2 billion.

Total value locked (TVL) has increased from $254 million in early April to $455 million, showcasing substantial growth in user deposits and platform usage.

DEX volume has risen from April lows of $42.67 million to peaks exceeding $590 million, indicating rapid growth in the platform's user base and trading activity.

Around 97% of all trading revenue returns directly to HYPE token holders, ultimately creating value for long-term investors through the platform's fee-sharing mechanism.

🚨 Bitcoin $BTC whale James Wynn flips short!After holding a $125M LONG, the Hyperliquid trader finally closed it and decided to go short with a new $110M position.According to Lookonchain his liquidation price is $149,100, interesting to see how it plays out. pic.twitter.com/xSBiMB3BvA— Trader Edge (@Pro_Trader_Edge) May 25, 2025

Recent whale activity provided additional fuel for the rally. Two large whales purchased tokens worth approximately $10 million at the $34 price point.

This buying activity helped momentum and triggered liquidations of short positions. The market has seen almost $753,000 in short liquidations over the past 24 hours.

Technical analysis draws parallels to Solana's breakout pattern from early 2021. SOL experienced a 300% surge after breaking above key Fibonacci levels.

HYPE recently crossed its 1.0 Fibonacci retracement level at around $35.88 on May 23. Analysts suggest this could trigger a similar explosive movement.

The platform's on-chain architecture provides a low-cost, high-performance trading experience. This has attracted both institutional and retail traders to the ecosystem.

HYPE is currently trading above $38 with immediate targets at $42.25 and the psychological $50 level.