TLDR
- HYPE price currently testing key $48 resistance level with ascending triangle pattern suggesting bullish potential
- Total Value Locked (TVL) reached $2.81B with record trading volumes of $29 billion in 24 hours
- Supply-Weighted P/E ratio at 3.39 indicates the token may be undervalued compared to revenue growth
- Major institutions including Paradigm and Galaxy Digital have accumulated substantial HYPE positions
- A whale wallet recently invested over $40 million in HYPE, purchasing 466,000 tokens in a single batch
Hyperliquid (HYPE) is approaching a critical price level that could determine its next major move. Trading around $47.3, the token has repeatedly tested the $48 resistance zone, creating a tense standoff between buyers and sellers. With strong fundamentals, growing institutional interest, and improving technical patterns, many analysts believe HYPE could be preparing for a breakout.
The token has shown impressive growth, gaining over 1,376% from its all-time low of $3.20 recorded in November 2024. Now it sits just below its all-time high of $49.86 reached in July 2025.
Recent on-chain data reveals substantial whale activity. A wallet tagged 0xa523 invested more than $40 million USDC into Hyperliquid within the past 48 hours. This wallet purchased HYPE between $46 and $47, adding approximately 466,000 tokens ($21.5M) in a single transaction.
This large purchase coincides with Hyperliquid posting record metrics across its ecosystem. According to DeFiLlama, the protocol’s Total Value Locked (TVL) has climbed to $2.81 billion. Trading volume for perpetual contracts reached an all-time high of $29 billion in 24 hours, with fees exceeding $7.7 million on August 15.
The fee structure of Hyperliquid directly benefits HYPE holders. With 97% of protocol fees redirected to token buybacks, increasing revenue creates upward pressure on the token price.
Institutional Backing Grows
Institutional interest in HYPE continues to build momentum. Paradigm leads with holdings exceeding 20 million tokens, while Galaxy Digital controls over 10 million. Other major players like Laurent and Hyperion have also established multi-million token positions.
Anchorage Digital recently began offering institutional custody for HYPE, potentially opening the door for more large investors to enter the market. This development could further reduce the available float as more tokens move into long-term holdings.
The valuation metrics support the case for continued accumulation. Analyst HoodieChicken points out that HYPE’s Supply-Weighted P/E ratio sits at just 3.39, comparing the float-adjusted market cap to protocol earnings. With revenues trending higher at around $3.45M (based on 30-day EMA) and the ratio trading below its historical average, the token appears undervalued.
Hyperliquid has made remarkable progress in capturing market share from centralized exchanges. The platform now accounts for 6.1% of all perpetuals trading volume compared to centralized platforms – growing from nearly zero just a year ago. In July alone, Hyperliquid processed $320 billion in trades.
Technical Outlook Shows Promise
From a technical perspective, HYPE has formed what many describe as an ascending triangle pattern. This bullish continuation pattern shows repeated tests of the $48 resistance level while establishing higher lows from below.
Analyst Crypto Target suggests that once HYPE breaks decisively above $48, the “path toward $90+ opens fast.” The measured move from the ascending triangle formation supports this target range.
However, not all analysts share this optimism. Some point to potential bearish signals, with analyst Don identifying what could be a rising wedge pattern. A breakdown below $45 support could invalidate the bullish case and push HYPE toward the low $40s.
HYPE also shows signs of bottoming against its ETH pairing. The HYPE/ETH chart has stabilized around the 0.0108 support zone after a series of lower retracements, suggesting downside momentum may be exhausting.
The current price level represents a crucial battleground. HYPE has short-term support at $45.8 and resistance at $48. A strong move above $48 with substantial volume could target the $65-$70 range, with potential to reach $84-$90 if momentum continues.
On the other hand, a drop below $45 may invalidate the bullish outlook and open the possibility of a retreat to $40 as liquidity decreases.
Hyperliquid’s competitive edge comes from its custom Layer 1 blockchain, which supports 100,000 orders per second with sub-second finality. This gives it execution speed comparable to centralized exchanges while maintaining decentralization.
The HYPE price currently stands at $47.3, poised at a critical juncture that will determine its next directional move.
