Hyperliquid Overtakes Sui in Market Cap – Will the HYPE Rally Continue?

Hyperliquid (HYPE) is up 47% in the last seven days and 115% over the past 30 days, driven by surging trading activity and increasing market attention. The platform has entered the top five DEX chains by daily volume, boosted by high-profile trades and a dominant share in the perpetuals market.

With its token approaching the $40 mark for the first time, upward momentum remains in play—but technical indicators suggest a possible short-term cooldown. Whether HYPE breaks into price discovery or pauses at resistance will be key to watch in the coming sessions.

Hyperliquid Becomes Top-5 DEX Chain with $506 Million Volume and $21.6 Million in Weekly Fees

Hyperliquid (HYPE) remains one of the most dominant players in crypto trading. It now ranks as the 5th largest chain by DEX volume in the last 24 hours, hitting $506 million and marking a 91% increase over the past week, overtaking Arbitrum and Sui.

Its rise has been partly fueled by the viral trades of James Wynn, a high-profile whale whose aggressive positions drew mass attention to the platform.

DEX Volume per Chain. Source: DeFiLlama.

Wynn’s trades helped drive Hyperliquid’s daily trading volume to a staggering $8.6 billion, pushing its perps market share to 73.1% and generating over $55 million in fees.

As a result, the HYPER token surged by 115% in the last 30 days, and the platform’s market cap has crossed $12.7 billion.

Beyond speculation, HYPE has also outperformed on-chain fundamentals. In the past seven days, the protocol generated $21.6 million in fees, ranking it sixth among all crypto apps and chains, ahead of Pump, Lido, Jito, and Tron.

Apps and Chains per Revenue / Fees. Source: DeFiLlama.

Hyperliquid recently surpassed $1.5 trillion in all-time trading volume, overtaking dYdX despite its shorter lifespan.

While the platform has faced controversy, most notably delisting JELLYJELLY, it has proven resilient, maintaining community trust through consistent performance, token buybacks, and strong product quality.

HYPE Momentum Cools as ADX Drops and RSI Retreats from Overbought Zone

The DMI (Directional Movement Index) for Hyperliquid shows that its ADX—used to measure trend strength—is currently at 46.34, a significant rise from 9.49 six days ago, although down slightly from 54.39 yesterday.

An ADX above 25 generally indicates a strong trend, and with readings still above 40, the current trend remains strong despite the recent dip.

HYPE DMI. Source: TradingView.

Meanwhile, the +DI line, which tracks bullish momentum, has dropped sharply from 41.12 to 24.54 over the past two days, while the -DI, which tracks bearish pressure, has risen modestly to 11.49.

This divergence suggests that although HYPE’s trend remains strong overall, bullish momentum is cooling off, and sellers may be gradually regaining ground—potentially signaling short-term consolidation or a mild pullback if this dynamic continues.

Complementing that picture, the Relative Strength Index (RSI) for HYPE is now at 63.79. While this is down from 77.96 two days ago, it’s slightly up from 59.19 yesterday, indicating a mild bounce in buying interest after a cooldown.

HYPE RSI. Source: TradingView.

RSI is a momentum indicator that measures the speed and magnitude of price changes, ranging from 0 to 100. Readings above 70 typically indicate overbought conditions, while readings below 30 suggest the asset may be oversold.

With HYPE’s RSI sitting just below the overbought threshold, momentum remains positive but no longer overheated—supporting the idea that the market may be stabilizing after an aggressive run-up.

If RSI remains in this zone or starts to rise again, it could signal the resumption of upward movement.

HYPE Nears All-Time High at $40, But Key Support at $37 Faces Pressure

Hyperliquid price is trading just 4.7% below the $40 mark—a price level it has never reached before.

With momentum still leaning bullish, a continued push from buyers could send the token to test $40 in the near term, potentially entering price discovery if it breaks above.

HYPE Price Analysis. Source: TradingView.

However, the proximity of the $37.48 support level adds caution to the short-term outlook.

If that support is tested and fails, HYPE could enter a corrective phase, with the next major levels to watch at $33.95 and $28.22. A stronger downtrend could even drag the price as low as $24.30.