What’s Fueling Hyperliquid’s Price Rally Amid a Crypto Sell-Off? Is It Too Late to Buy?

Even as Bitcoin slipped below the $100,000 mark amid rising geopolitical tensions and market anxiety, not every token followed the same path. While most cryptocurrencies struggled to hold their ground, one project quietly stood out from the crowd. Hyperliquid’s native token, HYPE, has been holding strong and in a market drowning in red, it’s one of the few names flashing green.

Currently trading at $35.83, HYPE has climbed 4.6% in the last 24 hours. With a market cap of $11.8 billion and consistently strong trading volumes, the project seems to be defying the odds. Technical indicators show a mixed but promising picture. If HYPE manages to break past the $39 resistance level, it could open the door for another rally.

Whales Are Buying Big

One possible reason behind this spike is rising whale accumulation. Data from Lookonchain reveals that a newly created wallet (0xDc50) deposited $17.5 million USDC into the Hyperliquid platform over the past two days. The wallet used those funds to purchase 517,602 HYPE tokens, which have already grown in value to $18.31 million. Such a large and confident buy shows strong belief in HYPE’s potential.

Hyperliquid’s total value locked (TVL) also climbed sharply to $1.8 billion earlier this week, despite the volatile market. Hyperliquid leads all chains in gross profits for May and recently recorded over $9 billion in open interest, even surpassing Binance. Furthermore, USDC usage on Hyperliquid is booming, up 8.3% this week, far outpacing the industry’s 0.4% growth.

Even public companies like Inovia are now staking HYPE with their treasury. The strong performance sets a bullish tone for HYPE in the coming months. 

June and July Outlook

In June 2025, Hyperliquid is expected to stay bullish, with price targets ranging from $42 to $53. If market sentiment weakens, a short-term dip to around $30–$35 could occur. Analyst CryptoCurb notes $40 as the critical level to reclaim for bulls to regain control. Until then, HYPE may face sideways or bearish pressure.

The outlook remains bullish for July. HYPE could climb past $45 if momentum continues and trading activity grows. However, key resistance zones could lead to minor pullbacks along the way. With strong fundamentals and a surging community, HYPE could realistically hit $100–$200 in the next altseason.