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HYPE Key insights: HYPE price observers are closely watching, and Hyperliquid trading volume reaches US$218 billion. Analyst Cozy The Caller expects HYPE prices to return to all-time highs soon. Token allocation improved after major holder sell-off and concentration risk reduced. After rising 2.2% this week, HYPE prices were trading above $55.50, CoinMarketCap data showed. The Layer 1 (L1) blockchain token recovered from recent consolidation after long traders held on to lower support.
During the latest trading session, HYPE prices fluctuated between US$52.79 and US$55.73. This trend shows that demand resurfaces near the low end of the range as tokens climb again above $55. HYPE had previously fallen to the $51 to $52 region during market weakness in early August. Buyers entered near the area, helping drive prices higher in recent trading hours.
HYPE Price Level| Source: CoinGecko
The current chart structure shows resistance between $55.70 and $56.00. Breaking through the US$56 level will be the next key breakthrough area. However, if short-selling interest returns, there is also a downward price level. Short-term support is between $52.50 and $53.00, while stronger support is in the $51 to $52 range. The recent recovery has kept HYPE near the upper edge of the short-term range. Market participants will be watching to see if Hyperliquid cryptocurrency can soar and break through resistance or fall back to lower levels. However, technical indicators can provide insight into market trends, but they cannot accurately predict future price movements. The information shared here is not financial advice and investors are advised to seek professional guidance before trading.
Can HYPE prices hit record highs?
The recovery in HYPE prices has also attracted the attention of analyst Cozy The Caller, who shared his bullish forecast for the cryptocurrency on the X platform. In a post to his 206,000 followers, the analyst said HYPE is one of the most strong assets worth holding this cycle. He also noted that some traders had missed out on previous gains and avoided buying during declines.
HYPE Price Forecast| Source: X
Cozy the Caller also discussed recent changes in large holders. He said several top holders had sold some of their positions, improving token allocation. Two days ago, the analyst pointed out that the $52 level was an important area for HYPE. He said the token's recent weakness has led some traders to ignore its previous strength. Based on his post, HYPE may hit all-time highs earlier than many market participants expected. He also sees buying around $52 as a favorable opportunity.
These comments come as HYPE is recovering from a consolidation period. The token is still stuck near the $56 resistance level and traders are closely watching the next wave of price movements.
Monthly trading volume of Hyperliquid cryptocurrency reaches US$218 billion
Hyperliquid cryptocurrency trading activity has also attracted attention. The platform's perpetual contract trading volume reached US$218 billion in July. According to CryptoRank data cited by Colin Wu, Hyperliquid's trading volume exceeds the combined value of the seven other leading sustainable decentralized exchanges.
Perpetual DEX by transaction volume| Source: CryptoRank
Data showed that Hyperliquid's trading volume in July was US$218 billion. The other seven platforms generated a total of US$189 billion over the same period. Aster trading volume was approximately $43.6 billion, Lighter was approximately $36.4 billion, and GRVT was approximately $34.4 billion in July. The overall activity volume of the top eight sustainable DEX platforms dropped by approximately US$85 billion month-on-month, a decrease of 17%. Despite the decline, Hyperliquid still accounted for the largest share of reported activity. The platform's trading volume in July was still higher than the other seven exchanges combined. Continued growth in trading volume may support HYPE cryptocurrency testing higher price levels outside the current resistance range. However, before reaching a new technological breakthrough zone, prices still need to break through the US$56 zone.
