Hyperliquid HYPE Explodes Past $42 Rallying 16% to Hit All Time High

• Hyperliquid (HYPE) has broken another all-time high of $42.95 following robust accumulation by whales.

• The token is testing critical support levels on bullish momentum despite the short-term resistance.

Hyperliquid (HYPE) has reached a new all-time high of 42.95 today, a 1200% increase since its 3.20 low six months ago. The token has gained more than 16% in the past sessions, surfing on the wave of whale-driven buying and increased trade. HYPE is currently trading at $41.55, above a major support area at the time of writing.

The market cap is currently at $13.95 billion, representing a 1.89% gain in the last day, and 24-hour volume surged by 11.7% to $486 million. The volume-to-market cap ratio of 3.49% has shot up, signifying keen liquidity and trading interest.

Spot On Chain has noted a number of large transactions by high-value wallets, with one wallet accumulating 259,367 tokens, or nearly $10 million, a trader already has over $10 million in realized gains. Other purchases were 70,617 HYPE at $35.40 worth $2.5M, 28,500 at $35.09 valued at $1M, and 57,372 at $24.95 worth $1.45M. These bullish attempts are decreasing the circulating supply and strengthening the support at $40.

$HYPE continues to attract major purchases as it nears a new ATH!

A whale spent $9.976M in $USDC to buy 259,367 $HYPE at an average price of $38.46 in the past 2 hours.

This whale has realized over $10M in all-time profit on #Hyperliquid.

Follow @spotonchain and monitor the… https://t.co/QAr4rIleqI pic.twitter.com/CA0o2FhtcK

— Spot On Chain (@spotonchain) June 10, 2025

Momentum Backed by Technical Structure

The price of HYPE is trending inside an upward channel that started developing on June 8. The hourly time frame displays uniform higher highs and higher lows, which the 50-period EMA accompanies at $39.91. The EMA remains a dynamic floor on short-term dips.

HYPE now seems to be entering a potential consolidation phase. If bulls regain control, the next resistance levels sit at $43.01 and $44.16. A breakout above $44.16 would likely open the path to $45.44. On the downside, failure to hold $41 may expose the price to a test of the 50-EMA or lower support zones near $39.79 and $38.67.

Ecosystem Catalysts Driving Speculative Demand

Investor enthusiasm isn’t limited to technicals. Hyperliquid has strengthened its DeFi ecosystem through new integrations and exchange listings, increasing its visibility and utility. Recent upgrades have improved institutional-grade liquidity, with large players showing growing confidence in the project.

The positive market sentiment is also being amplified by influencer coverage. BitMEX co-founder Arthur Hayes recently shared a bullish outlook on HYPE, calling for continued price discovery above $40.

Analysts suggest that the current surge is more than short-term speculation. Hyperliquid’s positioning as a top DeFi performer this cycle reflects both market appetite for alternative Layer 1 assets and confidence in its on-chain activity. If macro conditions remain stable, HYPE could sustain its upward trajectory through summer.

Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain, offering fast, scalable, and low-cost transactions. It supports both perpetual futures and spot trading and has drawn increased attention after crypto trader James Wynn showcased its performance through leveraged positions. In recent months, the platform’s total value locked (TVL) has doubled.