Hyperliquid is a layer 1 blockchain platform that was built from the ground up to enhance the scalability and performance of decentralized finance (DeFi) applications. The platform endeavors to enhance itself with its proprietary consensus mechanism, HyperBFT, which reaches transaction finality quickly, along with robust security measures. Apart from having its own infrastructure, Hyperliquid is also into decentralized perpetual exchange services.
HYPE, the native coin of the Hyperliquid blockchain, is trading at $41 after gaining more than 19% during the past week. The coin reached its all-time high yesterday, reaching $43.86 after whale activity pushed the sell wall. However, despite this HYPE’s stellar performance, the trading volume of the coin has fallen by 18% to 439 million during the past seven days.
Let’s take a look at what happened for the price to reach its all-time high.
According to Lookonchain, an analytical platform, two wallets deposited $19.43M USDC and opened 5x long positions on HYPE. Another whale presented $11.8M in SOL as collateral to borrow $4M USDC, buying and staking 126,353 HYPE at $39.1.
On another occasion, a whale bought 259,367 HYPE tokens with $9.97M USDC, showing the increasing interest and confidence in the coin.
The total value locked on the hyperliquid blockchain has been consistently rising since mid-April. This shows that the investors’ confidence in Hyperliquid is increasing, and many are staking as they trust the protocol.
The above chart shows that the App fees hit 4.79 million in May 21, 2025. The application fees are what the dapps charge from users for using the platform. An increase in app fees shows that many are using the platform, and hence, based on the demand, it has increased. However, after hitting 4.79 million, the app fees have been making lower highs or falling.
HYPE/USDT 1-day (Source: Tradingview)
HYPE is fluctuating inside a rising wedge pattern which is nearing its completion. Since the pattern is not complete, it might take some time for the pattern to be complete before the coin breaks out of the wedge. The rising wedge is a bearish pattern that appears after an uptrend. With the narrowing trenlines the volume also dwindle.
At the moment HYPE is rebounding off of the upper trendline after it was deemed overbought by the Bollinger band. Hence, the coin might be looking for support close to the lower trendline. As such, HYPE might fall close to $36 as continues forming the pattern. Once the HYPE breakout from the wedge, it might reach as low as $25.
Disclaimer: Please note that all predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.
