- Hyperliquid price sits at $37 after reaching an all-time high above $39.
- The HYPE token is rising amid heavy buying pressure.
- Key on-chain metrics suggest the decentralized perpetual trading platform could surge toward a $100 target.
Hyperliquid (HYPE) climbed to an all-time high above $39 on May 26, propelled by strong buying activity across the market.
In recent sessions, HYPE has outperformed several major tokens, registering stronger gains than some competing ecosystems.
Market data shows the decentralized perpetual trading platform recorded daily trading volume above $426 million as HYPE hit its new peak.
This represented a notable jump from roughly $292 million the previous day, when the token traded near $34.
The surge in HYPE’s price also helped boost several ecosystem metrics, with total value locked (TVL) rising to new highs.
Open interest climbed alongside the rally, while other on-chain indicators such as the platform’s stablecoin market capitalization also reached record levels.
Hyperliquid and key network growth
On-chain metrics for Hyperliquid point to potential continued upside as broader market trends support speculative interest.
According to Coinglass data, open interest in HYPE has surged to approximately $1.41 billion.
Open interest was around $900 million just last week, marking a fresh all-time high for a token that fell to $3.20 in late November 2024 and has since gained roughly 1,061%.
The rebound into the new ATH was particularly sharp, underscoring the renewed appetite for the asset.
That momentum sets the stage for a possible breakout, as fear of missing out draws new buyers into one of the cycle’s leading altcoins.
Large holders have shown increased confidence in HYPE’s long-term outlook. DeFiLlama reports Hyperliquid’s layer-1 TVL has surpassed $1.75 billion.
The platform’s daily revenue reached about $1.87 million, while decentralized exchange and perpetuals trading 24-hour volumes are reported at roughly $509 million and $6.9 billion, respectively.
Meanwhile, the stablecoin market cap across the Hyperliquid ecosystem has expanded to more than $3.62 billion.
Hyperliquid is absolutely killing it:
– TVL is up 110% in the past month
– it’s the 4th largest L1 by mindshare
– it just hit a new ATH in open interestImagine the smell if the team also confirms a 2nd $HYPE airdrop. pic.twitter.com/CTRvleiKbC
— The DeFi Investor 🔎 (@TheDeFinvestor) May 27, 2025
HYPE price outlook
Although HYPE briefly traded as low as $36.14 and the area around $38 may present short-term resistance, analysts remain optimistic about the token’s prospects.
The move to a new all-time high has reversed much of the weakness seen earlier in the year, restoring bullish momentum.
If buyers can push HYPE above the $40 level, a further advance could put the psychologically important $100 mark into view.
Such a rally would likely depend on continued interest in altcoins, sustained demand for the platform’s DEX and perpetuals products, and broader positive market conditions.
On the downside, traders and analysts highlight potential support zones near $32 and $26, which could act as cushions in the event of a pullback.