Hyperliquid (HYPE) saw a 326% rally from early April lows to a peak of $39.93 on May 26. While the macro trend remains bullish, short-term indicators suggest fading momentum. Price action is now centered around the $30–$35 zone — a key support battleground for bulls.

Key Highlights

• HYPE gained 326% since April, reaching an ATH of $39.93 before cooling to $34.74.
• Open interest broke above $10.1B, signaling intense leverage participation.
• TVL rose from $268.9M in early April to over $500M by May 29.
• Momentum remains bullish, but RSI and MACD suggest exhaustion near $35.50 resistance.

Why HYPE Hit ATH — And Why It’s Cooling Now

TradingView News stated that Hyperliquid’s rise to $39.93 was driven by institutional activity and increasing engagement.

As a top DeFi platform for perpetual trading, the platform’s weekly volume reached $78.67B (May 11–18), with a record $17.73B on May 21.

High-profile trader James Wynn’s billion-dollar positions brought attention, pushing open interest past $10.1B, confirmed by Blocmates. The platform also generated $5.6M in daily fees, showing heavy trading demand.

This surge in on-chain activity reflects a wider shift as traders increasingly favour decentralized venues offering deep liquidity, transparent execution, and non-custodial control over assets.

However, RSI and MACD now signal a cooldown, suggesting consolidation unless bulls reclaim resistance.

Hyperliquid Surpasses SUI in Market Cap.

Between May 25–26, HYPE’s market cap peaked at $13.04B, overtaking SUI Coin $12.27B. The rally was backed by over $460M in daily volume, pushing HYPE into the top 12 crypto assets by market cap.

As of May 29, HYPE trades at $34.74 with a market cap of $11.46B, still ahead of SUI’s $12.03B, but with momentum clearly cooling.

HYPE/USD Ichimoku Cloud Analysis: Bulls Hold the Line — For Now

The daily Ichimoku Cloud shows a bullish structure, with price above the Kumo. Tenkan-sen ($33.0) is under pressure, with Kijun-sen ($31.3) below.

A break under the 20 EMA ($30.41) could shift short-term momentum.

Additional support sits at the 100 EMA ($27.38) and 50 EMA ($25.08). While the stack is still bullish, it shows vulnerability.

Momentum Indicators: Cooling, But Not Reversing

• RSI (14): Down from 73.30 to 66.94 — still bullish, but no longer in overbought territory.
  
• MACD: Still above signal line, but histogram has begun to fade — a sign of slowing momentum.

• BBTrend: Flattening near 25.15 from 38.863 , indicating the breakout momentum is cooling.

• BBP (Bulls Bears Power): Reading at 3.038 down from 13.972 during ATH and declining, suggesting waning buy pressure.

Momentum remains positive but shows signs of exhaustion. A decisive break below $30.41 would mark a short-term sentiment shift.

HYPE TVL Hits 2-Month High, Reinforcing Fundamentals

DeFiLlama data shows TVL rising from $268.9M (April 1) to over $500M by May 29. This increase suggests continued long-term investor confidence.

Protocol Strength: Revenue & Fee Dominance Back the Rally

Over the past 12 months, Hyperliquid generated $773.2M in revenue with a market cap of $11.4B — outperforming peers like Raydium and Aerodrome. Despite a 14.8x MC/Revenue ratio, its growth justifies the premium.

In the last 24 hours, Hyperliquid led all blockchains in fee generation, with $3.1M in protocol fees, according to Artemis.

These metrics highlight strong usage and a sustainable growth model.

HYPE Price Levels to Watch

Support levels: $33.00 (Tenkan-sen), $30.41 (20 EMA), $27.38 (100 EMA). Resistance levels: $35.50 (minor ceiling), $39.93 (ATH), $42.00 (target).

HYPE Price Prediction: Can Bulls Reclaim $39.93?

Hyperliquid remains in a strong uptrend despite recent cooling, supported by high open interest and robust trading activity. The recent pullback appears healthy within the broader parabolic structure.

Short-Term Forecast (May 29 – June 5):

• Possible short-term pullbacks to $30.41–$31.30.
• Holding above $30 would preserve the current bullish arc.
• A breakout above $35.50 could send HYPE toward $39.93.

Mid-Term Outlook (June 5 – June 14):

• If $39.93 breaks with volume, the next resistance lies at $42.00.
• Continued strength above $42 may target $46–$48.
• The bullish structure remains valid as long as $30 holds. Failure below this could lead to a deeper correction toward $27.38.

Traders should monitor volume confirmation, RSI trends, and MACD signals to validate directional momentum.