Hyperliquid [HYPE] has shown a significant bullish breakout amid a broader market recovery. The token’s price gained 4.75% to trade at $30.30, with trading volume rising 14.5% to $207.95 million. This move has drawn attention, notably after former BitMEX CEO Arthur Hayes predicted the asset could reach $150 by July 2026.
The token has broken out of a descending triangle pattern on its four-hour chart, suggesting potential for further upside. Analysts note it could target $36 if it holds above the $29 support level.
Technical indicators present a mixed picture for the asset’s momentum. The Relative Strength Index sits at 57.97, indicating room for growth, while the Average Directional Index of 12.26 signals weak trend strength.
Market data reveals traders are positioning for continued gains. According to CoinGlass, leveraged long positions totaling $14.49 million outweigh short bets of $4.70 million.
On-chain metrics show a sharp increase in network activity and usage. As per DeFiLlama, the protocol’s DEX volume surged from $57.59 million to $95.31 million from February 14th, with revenue rising similarly.
This growing engagement highlights increased demand for the Hyperliquid network. The activity could provide fundamental support for the token’s recent price momentum in the near term.
