The Hyperliquid token, known as HYPE, has reached an all-time high, fueled by record trading volumes, indicating the platform's strong market position.
Record Growth of Hyperliquid Token
Hyperliquid (HYPE) token reached a record $50.99 on August 27, during Asian morning trading hours, marking a powerful rally that has lifted its price by 22% over the past week and 14% in the last 24 hours.
Increase in Trading Volumes on the Platform
According to Coinglass data, Hyperliquid's derivatives volume climbed 14.57% in the past 24 hours to reach $3.05 billion, while open interest jumped nearly 17% to $2.33 billion, indicating a rise in speculative positioning. More than $1.76 million worth of short positions were liquidated, suggesting that traders betting against the rally were caught off guard.
Technical Analysis of Hyperliquid
The price chart shows a clear breakout above resistance at $49 with higher volumes and a relative strength index reading of 61, suggesting increasing momentum without overheating. The Commodity Channel Index at 195 indicates significant upward pressure, and the moving average convergence divergence indicator has flashed a buy signal after crossing into positive territory. The next resistance might appear around $55 if HYPE maintains support above $50.
The achievement of a new record for HYPE is linked to the active trading on the Hyperliquid platform, confirming its growing popularity and strengthening market position.
