Hyperliquid’s HYPE Token Surges: DEX Volume Signals Bullish Momentum

Hyperliquid’s native token HYPE is experiencing a remarkable recovery, rebounding above the $40 mark and signaling potential growth in the decentralized exchange (DEX) ecosystem.
In the past week, HYPE has demonstrated impressive resilience, gaining 15% and trading at $40.56. This surge comes after a significant downturn in June, when the token experienced a sharp 25% decline over just four days. The current price is merely 11% below its all-time high of $45.57, set on June 16, suggesting strong underlying market sentiment.
The token’s recovery is closely tied to Hyperliquid’s expanding on-chain activity. DeFiLlama data reveals a substantial increase in monthly decentralized exchange volume, reaching $11.44 billion in June. This figure represents an impressive 18% increase from May and more than doubles April’s volume of $4.86 billion. Such growth indicates rising trader confidence and increased platform adoption.
From a technical analysis perspective, HYPE shows promising momentum indicators. The relative strength index (RSI) stands at 60 and is trending upwards, suggesting the asset is gaining strength without being overbought. Multiple moving averages, including 10, 20, 30, 50, 100, and 200-day exponential and simple moving averages, are supporting the ongoing uptrend.
However, the market remains cautiously optimistic. Some oscillators like the average directional index remain in neutral territory, indicating that while upward movement is evident, strong trend confirmation is still pending. The tightening Bollinger Bands suggest potential for increased volatility in the near term.
Investors and traders are closely watching key price levels. A break above $41.50 could potentially pave the way for a retest of the all-time high at $45.57. Conversely, failure to maintain support above the $38–$39 range might trigger short-term profit-taking, with a possible decline toward $35 if broader market sentiment weakens.
Hyperliquid’s total locked value (TVL) further underscores the platform’s growth, surging from approximately $330 million in April to $1.8 billion at present. This fivefold increase reflects growing confidence in the platform’s infrastructure and potential.
As the decentralized finance (DeFi) landscape continues to evolve, Hyperliquid’s performance serves as a compelling case study of how innovative platforms can drive token valuation through robust ecosystem development and consistent user engagement.