The native token hype from Hyperliquid rose to a new of all time, fed by record trade volumes and growing dominance on both the market and the derivatives markets.
Summary
- Hyperliquid price reached a record high of $ 50.99 on 27 August, supported by record trade activity.
- The Dex continues to strengthen its position on both spot and derivatives markets.
- The growing liquidity and the acceptance of users suggest that the momentum can be expanded if the market conditions can be in force.
Hyperliquid (Hype) reached a record high of $ 50.99 on 27 August during Asian morning trade steering, which extended a powerful rally that the token increased 22% in the past week and 14% in the last 24 hours.
According to Coinglass factsHyperliquid’s derivative volume has risen by 14.57% over the past 24 hours to reach $ 3.05 billion, while the open interest rose nearly 17% rose to $ 2.33 billion, which showed an increase in speculative positioning.
At the same time, more than $ 1.76 million were liquidated in short positions, which suggests that traders who gamble against the rally were overwhelmed by the outbreak.
The milestone comes as whale activity and decentralized exchange statistics around the platform.
Whale activity sparks squeeze
An important motivation of the latest Gulf of Hyperliquid seems to be partially driven aggressive whale activity in the XPL tucks of plasma. On 26-27 August, a whalemas that was probably associated with Justin Sun, opened around 16 million USD -Munt (USDC) and opened heavy lifting tree positions, which quickly pushed the price of XPL from around $ 0.58 to $ 1.80 in less than two minutes. This violent movement led to short liquidations of a total of more than $ 17 million, including one $ 7 million wipeout.
The squeeze was stimulated by the arrival of three more whales. Within an hour, the four portfolios jointly took an estimated $ 47 million in profit. Due to the exodus of short sellers, the open interest on XPL fell from $ 160 million to just $ 30 million.
The entire Hyperliquid ecosystem was influenced by the peak in commercial activity, which increased reimbursements and the increased demand for hype through his return mechanism.
Hyperliquid’s Rising Dex Metrics
The Golf follows hyperliquid’s 26 August update Those spot shop volumes on the stock market achieved a record of $ 3.4 billion in one day, largely fed by Bitcoin (BTC) and Ethereum (ETH) markets. With $ 1.5 billion alone in the daily BTC spot volume, the platform is now the second largest location worldwide for Bitcoin-Spothandel on both centralized and decentralized markets.
Defillama data supports this trend and it appears that monthly decentralized exchange volumes on Hyperliquid have already exceeded $ 18 billion in August, which exceeds the $ 11 billion of July. In the meantime, the total value on the platform has reached $ 721 million, another all high. The income on an annual basis is also at $ 1.26 billion, demonstrating the growing footprint of the protocol.
Hyperliquid technical analysis
The price diagram shows a clear outbreak over resistance at $ 49 with higher volumes and a relative strength index reading of 61, which suggests that the momentum increases without going into overheating territory. Expansion of Bollinger tires suggest a higher volatility, and short to long-term progressive averages are still skewed.
The Commodity Channel -Index at 195 indicates a significant upward pressure and the advancing average convergence -Divergentie -indicator has flashed a purchase signal after crossing a positive area.
The next resistance may seem around $ 55, if hype maintain support above $ 50. But if traders started to take a profit, a decrease back to $ 45 would not be unusual.
