HYPE price primed to retest $35 peak as Hyperliquid platform hits ATHs in OI, fees, and TVL

Hyperliquid is gaining serious momentum, both on the charts and under the hood, as bullish price action aligns with record-breaking platform growth on key metrics.

Hyperliquid ( HYPE ) price is up 15% in the past 24 hours, currently trading at $35.50, with the trading volume surging 130%.

With this surge, the price has now broken the local resistance at $28, marking the upper boundary of the consolidation range that held for almost two weeks after the previous leg up in early May that had lifted the price 30% to $25 level. The $28 level was also the key horizontal resistance that held firm from late December through late February.

With all the post-ATH resistances broken, the path is now clear to retest the $35 peak, after which HYPE would enter price discovery territory.

Moreover, today’s swing high marks the fifth consecutive higher high since HYPE price bottomed below $10 in early April. During this entire uptrend, the price has remained above both the 20 EMA and 50 SMA, with a bullish crossover between the two moving averages occurring in mid-April, further confirming the uptrend.

Momentum is decisively bullish, with MACD line over the singal line and green historgram rising. RSI is at 76, in the overbought territory, potentially signaling a short-term pullback or consolidation.

Source: crypto.news

Alongside a strong technical setup, Hyperliquid’s derivatives trading platform is showing impressive growth across key metrics, further reinforcing the bullish outlook. Today, the platform hit several all-time highs : open interest reached $8.9 billion, daily trading fees surged to $5.4 million, and USD Coin ( USDC ) TVL climbed to $3.2 billion.

The spike in fees is particularly noteworthy as these revenues can potentially be reinvested into the protocol through token buybacks . If Hyperliquid reinvests a portion of the fees to repurchase HYPE tokens from the open market, it could potentially drive HYPE price much higher by reducing the circulating supply.