HYPE Cools Off as Ethereum Heats Up: Can Hyperliquid’s Record Run Continue?
- Keyword Financial
- Jul 18
- 3 min read
Introduction
A dynamic period has started for the Hyperliquid platform and its native token, HYPE, amid broader market movements. While Ethereum has surged to new highs—trading at $3,609 and up 43% over the past month—HYPE has experienced a pullback, dropping 3.3% in the last 24 hours and 1.1% over the week, now sitting about 8.5% below its all-time high. Analysts attribute this dip to profit-taking after a strong two-month rally, as well as capital shifting toward Ethereum’s rally. Despite the price correction, trading volume for HYPE remains robust, with over $570 million traded in the last 24 hours, and technical indicators suggest the token is consolidating after recent gains.
Meanwhile, the Hyperliquid platform itself is thriving, setting a new record with $18.99 billion in 24-hour perpetuals trading volume and reaching an all-time high of $13.8 billion in open interest. Ethereum led the trading activity on Hyperliquid, surpassing Bitcoin in both volume and open interest. The platform’s daily revenue also hit a record $5.06 million, and over the past 30 days, Hyperliquid processed more than $243 billion in perpetual volume. Institutional interest is growing as well, with several public companies adding HYPE to their treasuries, signaling confidence in the platform’s long-term prospects.
Looking ahead, HYPE’s price action shows signs of consolidation, with analysts watching key support and resistance levels for the next move. If the token can hold above $45.80 and break through the $50 resistance, a push toward $60 is possible. However, a drop below $45.55 or $38.80 could signal a deeper correction. Despite short-term volatility, the platform’s strong fundamentals, growing user base, and increasing institutional adoption suggest that Hyperliquid is well-positioned for continued growth, even as market attention temporarily shifts to larger assets like Ethereum.
