Hyperliquid’s Massive $29B Volume Drives HYPE Price Close to ATH

Hyperliquid records $29B daily volume, generating $7.7M in fees.

HYPE trades near ATH with bullish technical signals and strong support.

Institutional adoption and expansion plans fuel long-term growth potential.

Hyperliquid's HYPE has pulled off a trading feat that turned heads across the crypto market. The decentralized derivatives platform recorded a staggering $29 billion in 24-hour trading volume. This surge generated $7.7 million in daily fees and lifted the native HYPE token within striking distance of its all-time high. With rising adoption, record-breaking volumes, and bullish price action, Hyperliquid is shaping up as one of the strongest market contenders this month.

Record Volumes and Rising Market Dominance

Hyperliquid’s growth has been nothing short of meteoric. In just four months, the platform’s total value locked almost doubled to $610 million. Over the last 30 days, users generated $97.7 million in fees. That accounts for about 35% of all blockchain fee revenue, a figure few decentralized projects can dream of reaching..HYPE trades at $47.21, only 5% below the $49.86 peak set last month. In the past week alone, the token climbed 13%, adding $2 billion to market capitalization.

This upward push mirrors confidence from traders and institutional players alike. Over the past year, Hyperliquid handled $1.57 trillion in trading volume. The platform also posted over $300 million in revenue during the second quarter of 2025. Such figures rival mid-tier centralized exchanges, a remarkable achievement for a project launched in 2023. Originally built on Arbitrum, Hyperliquid transitioned to a custom high-speed Layer-1 network.

Technical Strength and Bullish Outlook

Current price action points toward a potential breakout. The daily chart shows an RSI with positive momentum, yet far from overbought territory. This leaves room for further upside. The nearest resistance sits near $50, with immediate support at $42. HYPE now trades along the upper Bollinger Band, signaling strong buying interest. If buyers break above $50, new highs could follow quickly.

The MACD recently turned bullish, with the MACD line crossing above the signal line. Rising histogram bars reinforce this momentum. These signals combine to paint a picture of growing strength in the market. Institutional adoption has also fueled confidence. The platform’s Layer-1 design caters to high-speed, large-scale derivatives trading. Last month, Nasdaq-listed Sonnet BioTherapeutics announced an $888 million merger tied to launching a HYPE treasury.

Looking forward, Hyperliquid plans to expand into spot trading and permissionless liquidity provision. The team has allocated 388.88 million HYPE tokens for community rewards, ensuring both user engagement and developer involvement. Analysts suggest HYPE could soon hit a new all-time high, making it a top pick for August. Hyperliquid’s $29 billion daily volume cements its position in crypto’s top tier. Fee generation and TVL growth show unmatched momentum.