Market participants now believe Hyperliquid may be nearing a major breakout<\/a>, with some calling for a move that could revisit or even exceed previous highs. This follows a strong rebound in fundamentals, as on-chain activity, revenue, and TVL all trend upward.<\/p>\n
Hyperliquid is hovering just under $40, about 12% below its all-time high. On the surface, price looks stable, but activity under the hood tells a different story. Hyperliquid processed over $220B in volume in the past month, now sitting at over $1.1T total. It holds a dominant 75%+ share in the decentralized perps space and is pulling in more than $1M in protocol revenue daily. That\u2019s not just noise, it\u2019s real usage at scale.<\/p>\n
<\/p>\n
Hyperliquid processes over $220B monthly volume as TVL surges past $1.8B, highlighting rapid ecosystem growth. Source: JefferyCrypt<\/a> via X.<\/p>\n
JefferyCrypt<\/a> believes the ecosystem is expanding fast, and that\u2019s likely to start showing<\/a> up in price. TVL has grown from $330M to $1.8B in three months, and $4B has been bridged into the network.<\/p>\n
After weeks of steady sideways price action, the Hyperliquid price is now establishing a symmetrical triangle pattern. Crypto analyst Callum<\/a> shows the structure has tightened to a point where breakout pressure is starting to get imminent. Price is hovering around $38.94, just under the $40 mark.<\/p>\n
Hyperliquid forms a symmetrical triangle just below $40, with breakout pressure building near key resistance. Source: Callum<\/a> via X.<\/p>\n
Analyst Ian Alloway<\/a> has positioned with clear upside expectations, and the data is backing his move. The latest heatmap reveals a tight cluster of short liquidations at $41.70 worth $897K, followed closely by another $716K at $41.85. These are major liquidity clusters<\/a>, right where the resistance is holding.<\/p>\n
Liquidity clusters at $41.70 and $41.85 signal potential for a rapid upside move as short positions pile up. Source: Ian Alloway<\/a> via X.<\/p>\n
As momentum builds around the $41 resistance zone, not everyone is leaning fully bullish. Duo Nine<\/a> highlights a fresh MACD cross on the 3-day timeframe, one that typically signals a shift in short-term momentum. The histogram is now fading after a strong run, and the MACD line has just rolled below the signal. It\u2019s not a breakdown, but it\u2019s enough to raise a flag of caution.<\/p>\n
A fresh MACD cross on the 3-day chart signals cooling momentum as HYPE tests the $41 resistance. Source: Duo Nine<\/a> via X.<\/p>\n
While momentum appears to be building toward a breakout, Hyperliquid\u2019s next move still hinges on key levels around $40 to $42. The technical structure is<\/a> clean, liquidity zones are loaded, and fundamentals are improving across the board.<\/p>\n