- HYPE has surged 300% since April 7, recently hitting an all-time high of $39.39, driven by strong on-chain activity, record fees, and bullish technical indicators.
- Technical analysis suggests the rally is in its fifth and final wave, with price targets at $44.65 and potentially $56.70 if momentum holds — though signs of exhaustion are beginning to surface.
- A correction may follow soon, as the parabolic nature of the rally points to possible overheating, despite no current bearish divergences showing in momentum indicators.
Alright, so here’s the deal with Hyperliquid (HYPE) lately — it’s been going wild. Since April 7, the token’s up roughly 300%, hitting a brand-new all-time high. Impressive, right? But when a chart starts looking like a rocket launch, you kinda gotta wonder… how long can it keep this up?
Let’s take a closer look at what’s going on — and maybe where it might be heading next.
New Highs, Big Moves
HYPE basically flipped the switch in early April, climbing out of a downtrend that had it stuck inside a descending channel. It kept knocking on that upper trendline but couldn’t quite break through — until May 21 rolled around. That’s when it finally broke past the $27.50 resistance, and boom — we got liftoff.
Since then? Straight heat. HYPE soared more than 50% in under a week, topping out around $39.39. On-chain action backed it up too — open interest and daily fee volume have both hit record highs. It’s not just hype anymore (pun fully intended).
Still Room To Run?
Technically speaking, indicators like the RSI and MACD are still climbing. Yeah, they’re getting close to overbought levels, but we’re not seeing any clear bearish divergence just yet — which usually would be a red flag. So, technically, the chart’s still looking good. Hot, even. But maybe just a bit too hot?
Wave count theory backs that up. Looks like we’re in the fifth and final wave of an impulsive move that started after an A-B-C correction in early April. And if the structure holds, we could be in that final stretch — the part where things usually get extra frothy before cooling off.
What’s the Target?
If this wave keeps extending, HYPE could be eyeing $44.65 next. And if the bulls really want to flex, we might even see $56.70 — that’s the 1.618 Fibonacci extension level. But just a heads up: once that fifth wave finishes, a correction’s probably around the corner.
Wrapping It Up
So far, HYPE’s been crushing it — no signs of slowing down yet. But based on the wave structure and how vertical this move’s been, a cooldown could be on the horizon soon.
If you’re already in, maybe keep that stop-loss tight. If you’re on the sidelines, maybe don’t chase just yet. Either way, it’s a wild one to watch.
