Hyperliquid eyes breakout amid $4B inflows, key upgrades

Hyperliquid is gaining momentum with bridge deposits on the rise and key network upgrades on the horizon.

As of this writing, Hyperliquid (HYPE) is trading at $39.85, up 6% in the last day. The token has hovered between $35.50 and $41.02 over the past week, now sitting just 12% below its all-time high of $45.57 set on June 16.

The recent price gains come alongside a major rise in capital inflows. Hyperliquid’s bridge deposits have surged from roughly $500 million in late 2024 to nearly $4 billion, as per data from blockchain analytics firm Purrsec. These inflows reflect deeper capital efficiency and greater user confidence.

Hyperliquid now controls more than 75% of the decentralized perpetuals trading volume. According to DefiLlama data, the platform processed $220 billion in volume over the past 30 days, more than six times that of its nearest competitor. Cumulative trading volume has surpassed $1.1 trillion, with recent weekly activity ranging from $50 billion to $75 billion.

Several major updates have strengthened the on-chain momentum. With the expected release of CoreWriter, HyperEVM applications will be able to communicate natively with HyperCore, the protocol’s high-performance trading engine. This could improve speed, efficiency, and composability by bringing dApps closer to the core infrastructure.

At the same time, two important initiatives are moving forward. The first is HIP-3, a proposal that would allow permissionless perpetual markets, meaning that anyone who meets the staking threshold could list new assets. This could greatly increase fee generation and long-tail market coverage. 

Second, as HyperEVM is being implemented further, third-party development is expanding. Integrations with Gelato and Stargate are underway and will make the DeFi ecosystem more flexible and interconnected.

Looking at the technical picture, HYPE is showing signs of an impending breakout. The price is currently hugging the upper Bollinger Band, a sign of upward pressure and increased volatility. The relative strength index, at 56.97, is neither overbought nor oversold, indicating that there is room for further gains.

Recent sessions have seen a slight increase in volume, suggesting renewed trader interest. As momentum keeps rising, the price has found stable support around the 20-day simple moving average. A bullish breakout seems more likely as HYPE forms higher lows and Bollinger Bands start to widen.

Should HYPE break above the $41–$42 resistance zone, the next key target would be a retest of the all-time high near $45. The price may drop towards the $35.50 area if it is unable to maintain above $38.