Hyperliquid hits all-time high in daily volume and fees — is HYPE ready to run?

Hyperliquid has set fresh records in trading activity as HYPE hovers near its all-time high, raising the question of whether another rally is imminent.

Hyperliquid (HYPE) has set fresh milestones, logging $29 billion in 24-hour trading volume and $7.7 million in fees, according to an Aug. 15 post on X. The surge comes alongside a sharp rise in other metrics, hinting at stronger network activity and investor interest.

HYPE is trading at $48.57 as of press time, up 19% over the last week and 1.6% over the last day. The token is now only 1.1% below its peak of $49.75, which it attained on July 14. The past seven days have seen steady price growth, with the range holding between $40.46 and $49.13.

Institutional momentum and liquidity growth

According to DefiLlama data, Hyperliquid’s total value locked increased to $610 million from about $460 million in mid-July. Additionally, July saw a sharp increase in monthly USD inflows, which went from $21.35 million in June to $349.27 million.

Recent developments have sped up the momentum. On July 31, Circle announced that native USD Coin (USDC) and CCTP V2 will launch on Hyperliquid, enabling direct on/off ramps, cross-chain transfers, and improved liquidity for the decentralized finance and derivatives markets.

Adoption by institutions is also growing. Anchorage Digital Bank unveiled on Aug. 13 that it would provide custody for Hyperliquid’s native HYPE token, offering institutional-grade security on HyperEVM.

Hyperliquid technical analysis

Strong bullish signals are supporting the price action of HYPE. From the 200-day SMA to the 10-day EMA, all of the major moving averages point to a buy trend. 

At 63, the relative strength index is still in neutral territory, leaving opportunity for more upside before it reaches overbought conditions. The moving average convergence divergence is positive, and the stochastic at 87.81 suggests ongoing buying interest. 

The Bollinger Bands are narrowing, and the price is pushing against the upper band, This indicates a tightening of volatility, which often precedes a breakout. Upward targets might emerge near $55 if the token closes firmly above $49.75, with $52 acting as intermediate resistance, 

Support is located at $45, and a stronger demand area is located at $42, which corresponds to the 20-day EMA and the mid-Bollinger band. Since the average directional index is still in its early stages of a trend, if volume keeps growing, there may be potential for a more strong directional move.