- Hyperliquid (HYPE) has surged 300% since April, hitting a new all-time high of $39.39.
- While bulls target $45 next, technicals suggest the rally may soon face a correction.
Hyperliquid (HYPE) is on an absolute tear. The decentralized perpetuals exchange token surged to a fresh all-time high of $39.39 on May 26, posting an eye-popping 300% gain since its April 7 lows.
What began as a quiet reversal from a prolonged downtrend has now turned into one of the most explosive rallies in the crypto market this quarter. After breaking out of a descending channel on May 21, HYPE soared past the $27.50 resistance — a key level that had capped upward movement for weeks.
Also read: Ethereum Price Holds at $2,500 After 100% Rally — Is Another Breakout Coming?
Since the breakout, momentum has turned parabolic. On-chain metrics are booming: open interest and 24-hour trading fees recently hit record highs, signaling a wave of fresh capital and trader interest pouring into the ecosystem.
Technically, HYPE remains in bullish territory. Both the RSI and MACD indicators are still trending upwards, although they are entering overbought zones. Notably, no bearish divergences have appeared yet — a common early sign of reversal.
Still, questions around sustainability are emerging. According to Elliott Wave analysis, HYPE may be in the final leg of a five-wave bullish cycle. If the structure holds, the fifth wave — often the most explosive — could propel HYPE to $44.65, or even as high as $56.70 if momentum intensifies.
However, the parabolic nature of the recent surge suggests caution. Once this wave completes, a corrective phase is likely to follow.
For now, bulls are firmly in control, but traders should keep an eye on exhaustion signals. Another push higher may still be in the cards — potentially past the $45 mark — but the rally’s endgame could be fast approaching.
HYPE’s meteoric rise is thrilling, but parabolic runs rarely last forever. Eyes are now on the $44–$45 zone, with savvy traders watching closely for the signs of a cooldown.
