RSI at 73.76 flags short-term overbought conditions.
Futures open interest reaches $1.89 billion, an all-time high.
Annual fees of $851 million back ongoing token buybacks.
Hyperliquid’s native token HYPE has surged past $42 for the fourth time in 2025, drawing renewed attention to its performance as one of the top DeFi assets by market engagement, futures open interest, and Layer-1 network activity.
Unlike short-lived meme coin rallies, this price action comes on the back of growing institutional activity, whale accumulation, and rising protocol usage that has pushed Hyperliquid’s total value locked (TVL) to $1.73 billion.
At the time of writing, the HYPE token is in price discovery, buoyed by a series of on-chain and technical indicators showing significant upward momentum.
The latest move above $42 has not only sustained but extended gains made since early April, when the coin traded near $9.29.
Since then, HYPE has jumped more than 350%, becoming a focal point for both retail and professional traders in the decentralised finance (DeFi) space.
On-chain data shows whale accumulation
A cluster of large transactions involving millions in USDC and SOL highlights the growing interest from high-conviction traders.
Two separate wallets deposited $19.43 million in USDC to open 5x long positions on HYPE futures.
In another major move, one whale used $11.8 million in SOL as collateral to borrow $4 million in USDC and proceeded to buy and stake 126,353 HYPE tokens at a price of $39.10.
A third wallet purchased 259,367 HYPE using $9.97 million in USDC, showing that capital inflows are not just speculative but strategically placed.
The open interest on HYPE futures has reached an all-time high of $1.89 billion, according to Coinglass.
This aligns with a sharp increase in platform fees and user activity.
Technical indicators signal bullish strength
The HYPE/USDT chart confirms a strong parabolic move that places the token’s momentum in overbought territory.
The Relative Strength Index (RSI) currently sits at 73.76, suggesting that while bullish pressure is dominant, short-term corrections may occur.
The MACD shows a bullish crossover above the zero line, although the histogram has begun to flatten, indicating that momentum may be levelling off.
Another key metric, the BBTrend momentum indicator, remains elevated.
While this reflects sustained bullish interest, such prolonged readings often precede price volatility or sharp pullbacks, particularly when parabolic price curves begin to test structural support.
Current resistance lies near $44.50. A breakout above this level could set off a new rally targeting $50.
If the price fails to hold $38, it could retrace to $34 or even as low as $26.89, which remains a critical support level.
Hyperliquid ecosystem metrics rise sharply
The Hyperliquid platform continues to record strong growth across multiple fronts.
According to DeFiLlama, TVL now stands at $1.73 billion, placing it among the most liquid Layer-1 DeFi protocols.
Artemis data shows that daily fees reached $2.99 million, outperforming even Ethereum and Solana on certain days.
With an annual revenue of $851 million and 97% of that earmarked for token buybacks, the HYPE token’s price floor has gained further strength.
The fully diluted valuation (FDV) now stands at $42.05 billion, making HYPE one of the most valuable DeFi assets by market cap.
These metrics point to a deepening user base and growing institutional trust.
With sustained open interest, high daily activity, and whale support, Hyperliquid is positioning itself as more than just another token rally — it’s becoming a major infrastructure layer within the DeFi ecosystem.
