idcrypt - Hyperliquid’s native token, HYPE, has captured market attention after reaching a new all-time high of $44.69 on June 16, 2025. This breakout surpassed the previous record of $43.96 set just a week earlier, signaling strong bullish momentum. With its market capitalization rising to $14.8 million and daily trading volume increasing by 25%, HYPE has become one of the most talked-about tokens in the decentralized finance (DeFi) space.
Behind the price rally lies explosive growth in Hyperliquid’s Layer-1 ecosystem. In the last 30 days alone, total value locked (TVL) surged to $2.53 billion, an increase of over 80%, reflecting heightened user participation and investor confidence. Hyperliquid’s stablecoin supply also expanded significantly, rising from $2 billion in January 2025 to $3.73 billion in mid-June. This growth has strengthened the network’s liquidity and transactional efficiency, solidifying its infrastructure as a critical pillar in DeFi.
Hyperliquid’s perpetual exchange has also emerged as a dominant player in the derivatives market. Over the past month, it processed more than $246.8 billion in trading volume, nearly tripling the combined activity of other top-tier decentralized perpetual exchanges. The platform’s appeal is further enhanced by its aggressive leverage options—offering up to 40x leverage—which have attracted active traders seeking high-risk, high-reward strategies.
Whale activity has contributed to the token’s bullish momentum. Blockchain analytics reveal that large holders have steadily accumulated HYPE in recent weeks, signaling strong long-term conviction. From a technical analysis standpoint, the daily HYPE/USDT chart has validated multiple bullish continuation patterns. On June 9, HYPE broke out of a bullish pennant, followed by a successful move above a bull flag, and then pierced the critical resistance at $35.13—completing a long-term cup-and-handle formation that began in December 2024.
Indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart also point toward sustained upward pressure. Both indicators are trending upward, suggesting growing momentum and increased demand for the token. Despite this optimism, caution remains. Several long-term holders are reportedly sitting on substantial gains, and some have begun hedging positions. One prominent wallet, for example, holds unrealized profits exceeding $13.7 million.
Market data also reveals a slight bearish tilt in leveraged positioning. More than 51% of total positions and over 50.8% of margin allocation are currently skewed toward shorts. While this may be a hedging strategy, it also indicates some market participants expect a temporary pullback, especially at current elevated levels.
If bullish momentum continues, the next significant psychological target for HYPE is $50, approximately 12.8% higher than the current price. Achieving this level would likely ignite renewed investor interest and could trigger a fresh wave of retail and institutional inflows. However, if selling pressure from whales increases or macro sentiment deteriorates, a drop below the $35 support level could invalidate the bullish structure and lead to a broader correction.
Nonetheless, Hyperliquid’s broader ecosystem continues to display resilience and expansion. The protocol's vault system—previously affected by volatility earlier this year—has seen TVL rebound to $418 million, with yields recovering to an annual rate of 13.4%. This bounce-back demonstrates the protocol’s adaptive capacity and reaffirms investor trust in its DeFi architecture.
As HYPE reaches new heights and Hyperliquid’s fundamentals strengthen, the token appears well-positioned to capture a leading role in the next phase of DeFi evolution. With key metrics pointing to sustained growth, Hyperliquid may redefine the narrative of performance-driven decentralized finance in 2025.
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