Hyperliquid has seen remarkable traction in stocks and crypto perpetuals (perps). Perps are contracts that allow traders to speculate on price movements without a fixed deadline.
Newly Rolled Out Stocks (HIP-3), which allows traders to bet on traditional stocks with leverage, has surpassed $1 billion in trading volume.
Additionally, daily Open Interest (OI) was approaching an all-time high of $800 billion. This once again highlights the strong demand despite an overall lull in the crypto market.
Source: ASXN
On the originators of Bitcoin, Hyperliquid founder Jeff Yan said,
“Hyperliquid has quietly reached a major milestone in becoming the world’s most liquid place for cryptocurrency price discovery.”
He cited the platform’s liquidity depth, which showed thicker order books than Binance’s. But wWill this boost native token recovery?
Will HYPE extend its 24% recovery?
Following the massive traction update, HYPE saw a 24% jump in the last 24 hours. It went from $22 to $28. But it also hit a hurdle that could derail the continued rally if bulls fail to clear it.
Source: HYPE/USDT, TradingView
The $28 price zone (red zone) has been a key short-term supply pressure since mid-December and could block upsides again if momentum weakens at this level. IIf they break above $30, a net run to $35 may be achievable.
What could spur HYPE’s recovery?
Overall, HYPE was still down 52% from its September 2025 all-time high of $59. But according to analyst Ericonomic, some of the bearish catalysts driving the downtrend have subsided significantly.
The dreaded monthly unlocks (9.92 million HYPE), for example, have only seen 10% of the supply sold in the last two months. For Ericonometric, it was a “net” rather than a “cliff” which had been taken into account during the dumping at the end of 2025.
Source: Ericonomic/X
The only problem, the analyst added, was that Hyperliquid Strategies was hoarding these team unlocks. This could limit the treasury company’s ability to directly purchase more HYPE in the spot market.
Furthermore, several whales, including Fasanara CapitalTornado player Cash and Continue Capital have been persistent sellers, but the pressure has eased, the analyst noted.
The top 10 buyers have accumulated nearly $200 million in HYPE over the past 30 days, helping to stabilize prices above $20.
Finally, a significant portion of leveraged long positions were eliminated and presented a structural setup for a bullish recovery. However, the platform’s revenues have remained modest despite growing popularity.
For a sustainable price recovery to be possible, Hyperliquid revenue must reverse upward to generate more HYPE redemptions.
Source: DeFiLlama
Final Thoughts
- The founder of Hyperliquid said the platform now rivals Binance as the most liquid venue for cryptocurrency price discovery.
- Analysts believe HYPE’s rally was likely amid exaggerated monthly unlock fears and easing selling pressure from whales.
