Hyperliquid Price Prediction: Can HYPE Stay Above $30 After Making Fresh All-Time Highs?

On May 26, Hyperliquid said that open interest surged to a historic record of $10.1 billion as users continue to embrace its decentralized trading interface as an alternative to centralized exchanges like Binance or Coinbase.

In addition, the project recently engaged with the Commodity Futures Trading Commission (CFTC) and sent comments to a public consultation they opened recently about two unique aspects of the crypto market – 24/7 access and decentralization.

Hyperliquid expects that their input could challenge long-standing rules that have prevented the financial system from further growing amid some stiff pieces of regulation.

“Supporting defi in the U.S. with open dialogue and a clear regulatory framework is an opportunity to ensure the U.S. remains a leader in financial innovation while robustly protecting users,” Hyperliquid Labs – the project’s developing team – commented about their involvement in this public consultation.

HYPE Has Earned Its Place in the DeFi Ecosystem

The DeFi ecosystem is seen as one of the most powerful innovations in the financial industry since the launch of electronic brokers and zero-commission trading platforms.

Hyperliquid has earned its place in this growing community by launching a low-fee trading solution that operates in a proprietary layer-one blockchain rather than relying on third-party infrastructure like the Ethereum or Solana network.

This allows them to have more control over the protocol’s operational efficiency and tailor its design to suit the evolving needs of the trading platform and other DeFi applications it powers and will continue to support in the future.

HYPE retested its former all-time high just a day after we predicted this move and went on to surpass that mark just two days later.

This remarkable recovery in just six months emphasizes the market’s significant interest in this DeFi project and its platform’s appeal to traders – as reflected by its growing trading volumes and activity.

HYPE Could Retest the $36 Level Soon

HYPE’s latest all-time high now stands at $39.96 as per data from CoinMarketCap. The token retreated for four days in a row right after hitting that mark, meaning that the $40 level is now the key resistance to watch.

Momentum indicators have already started to make their way to lower levels after hitting extremes. The Relative Strength Index (RSI) climbed to 86.5 at some point in the daily chart and has now moved below its 14-day simple moving average (SMA).

This could be an early indication of a trend reversal. However, the price action has not yet confirmed a bearish outlook.

The key support to watch for HYPE at this point seems to be the $28 level along with the $30 mark as the most important psychological price point.

The $28 area, in particular, acted as resistance multiple times in the past and may now act as support if the price keeps dropping and early buyers keep taking profits off the table.

Heading to a lower time frame, we can see that HYPE already broke its bullish structure but has found support at around $31.5 and $30.5. This would be the key support to watch for intraday price action trades.

Meanwhile, the $36 level could be the nearest target if the price manages to bounce off this support as it has not been retested yet.