Hyperliquid has once again made it to the trend list as its token HYPE price rallied 6.3% in the past 24 hours to trade at $49.65. This momentum comes at a time when the network is preparing to launch its own stablecoin, USDH. The project has invited firms to pitch proposals, with Paxos, Frax, and Agora among the bidders. The final choice will be made through a validator vote.
At the same time, whale activity has fueled today’s move. On September 7, Hyperliquid’s largest ENA holder opened a $36 million 5x long on ENA and a $12.85 million 10x short on ETH. These leveraged bets highlight growing adoption among high-profile traders and fosters the exchange’s role in deepening DeFi liquidity.
On-chain data paints a strong backdrop for HYPE’s rally. Hyperliquid’s TVL stands at $2.5 billion. Stablecoin market cap is $5.69 billion, while bridged TVL sits at an impressive $9.83 billion. Daily app revenue has topped $1 million, and perpetual trading volume crossed $4.18 billion.
These numbers talk about the strong usage of the protocol, which directly feeds into HYPE’s valuation. With a market cap of $16.54 billion and a fully diluted valuation of $49.37 billion, HYPE is increasingly establishing itself as a heavyweight in DeFi.
From a technical standpoint, the Hyperliquid price is showing strong bullish momentum. The token has broken above the 50% Fibonacci retracement level at $45.75 and is currently testing the 23.6% retracement level at $48.56. The MACD histogram recently flipped positive at +0.13285, signaling renewed bullish momentum.
Trading volume has surged 53.39% in the past day to $172.12 million, confirming the strength of the move. The crypto is hovering just below its all-time high of $51.07, set 12 days ago. A decisive close above this resistance could open the door to the next upside target at $53.97, the Fibonacci extension level.
Conversely, $45.75 remains a key support. If this level fails, the next significant cushion lies near $40.58. For now, however, momentum and on-chain fundamentals both favor the bulls.
HYPE’s surge is driven by whale leveraged bets, strong on-chain usage, and growing anticipation for its upcoming stablecoin USDH.
Immediate resistance lies at $51.07, which is also the ATH. A breakout could push prices toward $53.97. Key support sits at $45.75.
With $2.5B in TVL, over $1M in daily revenue, and rising trading volumes, the protocol’s fundamentals are backing the token’s valuation.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Top executives from Coinbase, Chainlink, Galaxy, Kraken, Uniswap, Circle, and Ripple will meet with pro-crypto…
In a major step toward bridging the gap between Washington and the crypto industry, U.S.…
In latest Bittensor news, its native token TAO is making headlines with a stunning 10%…
October 20, 2025 06:40:30 UTC How HumidiFi Quietly Became the Biggest DEX on Solana—Beating Raydium…
Crypto is heating up again, and traders are buzzing about two standout projects — Solana…
Macro headwinds have catalyzed selling behaviour in the last few days, making back-to-back weekend dumps…
