Hyperliquid has stood out in the cryptocurrency market over the past year, with a cumulative gain of 136%, making it a top performer among the top 100 cryptocurrencies. Nevertheless, its current price is still about 45% off its high of $59.30 set in September 2025. Recently, market activity has rebounded significantly, with 24-hour spot trading volume climbing to $289 million, a 98% surge compared to the previous day, reflecting an accelerating resurgence of trader interest in the project.
From a fundamental perspective, Hyperliquid has built a large user ecosystem, with over 665,000 active traders on the platform and estimated monthly revenue of $116 million. The project team has also reserved approximately 38% of the total token supply for the continued construction and incentivization of the ecosystem in the future. In addition, the platform is steadily advancing functional upgrades, including the launch of the HIP-4 results trading module and preliminary attempts to integrate real-world assets into the on-chain system.
In terms of token economics, Hyperliquid continuously reduces circulating supply through a built-in buyback and burn mechanism. To date, approximately 4.17% of the total supply (worth approximately $1.36 billion) has been permanently burned, further reinforcing its scarcity logic.
Technically, price volatility is restarting. The daily chart shows that the Bollinger Bands are beginning to expand significantly from a long-term contraction state, which usually indicates that trend momentum is about to be released. The current price is approaching the upper band area, located in the $33 to $36 range, where previous attempts to break through have been repeatedly blocked. If this resistance zone can be effectively broken, the market may further target the important psychological level of $40.
Momentum indicators also provide support. The Relative Strength Index (RSI) is stable above 50 and has not yet entered the overbought zone, indicating that the upward momentum still has sustainability. At the same time, since the rebound in late January, the price has formed a clear structure of "gradually rising highs and lows," with buyers continuously providing strong support in the $29 to $30 range, exhibiting typical characteristics of slow accumulation.
If momentum weakens in the short term, the first support level is near $29.9, while the more critical long-term support zone is between $26 and $27, which may become an important watershed for the battle between bulls and bears.