- RSI at 73.76 indicates short-term overbought conditions.
- Futures open interest reaches USD 1.89 billion, an all-time high.
- Annual fees of USD 851 million support ongoing token buybacks.
The native token of Hyperliquid, HYPE, has surpassed USD 42 for the fourth time in 2025, drawing renewed attention to its performance as a leading DeFi asset by market share, futures open interest, and layer-1 network activity.
Unlike short-lived meme coin pumps, this price action is driven by growing institutional activity, whale accumulation, and rising protocol usage, which has pushed Hyperliquid’s total value locked (TVL) to USD 1.73 billion.
At the time of writing, HYPE is in price discovery, supported by a set of technical and on-chain indicators pointing to significant bullish momentum.
The recent move above USD 42 has not only held but extended gains since early April, when the token traded near USD 9.29.
Since then, HYPE has climbed more than 350%, drawing attention from both retail traders and professional participants in the decentralized finance (DeFi) space.
On-chain data shows whale accumulation
A series of large transactions involving millions in USDC and SOL highlights growing interest from high-conviction traders.
Two separate wallets deposited USD 19.43 million in USDC to open 5x long positions on HYPE futures.
In another notable move, a whale used USD 11.8 million in SOL as collateral to borrow USD 4 million in USDC and then bought and staked 126,353 HYPE at an average price of USD 39.10.
A third wallet purchased 259,367 HYPE using USD 9.97 million in USDC, suggesting that recent capital inflows are strategic rather than purely speculative.
Open interest in HYPE futures has reached an all-time high of USD 1.89 billion, according to Coinglass.
These figures coincide with a strong rise in platform fees and daily user activity.
Technical indicators point to bullish strength
The HYPE/USDT chart shows a pronounced parabolic advance that has pushed momentum into overbought territory.
The Relative Strength Index (RSI) currently stands at 73.76, indicating dominant bullish pressure but a higher probability of short-term pullbacks.
The MACD displays a bullish cross above the zero line, although the histogram has begun to flatten, suggesting momentum may be stabilizing.
Another key momentum measure, the BBTrend indicator, remains elevated.
While these readings reflect sustained bullish interest, extended overbought conditions often precede heightened price volatility or sharp retracements—especially when parabolic price curves start testing structural support.
Immediate resistance sits near USD 44.50. A break above this level could trigger another leg up toward a USD 50 target.
Conversely, failure to hold around USD 38 could see prices retreat to USD 34 or potentially as low as USD 26.89, which remains a critical support level.
Hyperliquid ecosystem metrics rise sharply
Hyperliquid’s platform continues to record strong growth across multiple metrics.
DeFiLlama reports TVL at USD 1.73 billion, positioning the protocol among the most liquid layer-1 DeFi platforms.
Artemis data shows daily fees reaching USD 2.99 million on certain days, occasionally exceeding fees on networks like Ethereum and Solana.
With annual revenues of USD 851 million and 97% allocated to token buybacks, the HYPE token’s floor price has gained more structural support.
Fully diluted valuation (FDV) now stands at USD 42.05 billion, making HYPE one of the highest-valued DeFi assets by market capitalization.
These metrics point to a deepening user base and growing institutional confidence.
With sustained open interest, high daily activity, and whale backing, Hyperliquid is positioning itself as more than a token rally: it is emerging as an important infrastructure layer within the DeFi ecosystem.