- HYPE rallies 6.63% as Polymarket odds for all-time high climb back to 59%
- Strong trading volume and bullish structure signal renewed investor confidence
- On-chain metrics show limited supply and technicals hint at continued upside potential
Investor interest in Hyperliquid (HYPE) has surged as the decentralized perpetuals platform approaches a potential all-time high. The Polymarket prediction market data now places the odds of this event at 59%. This figure marks a significant rebound from July 8, when confidence dipped below 35%.
Within just two days, sentiment climbed sharply, peaking around 67% before settling near 59%. This shift reflects growing trader confidence that HYPE could reach new price territory before July ends.
Price Action Signals Renewed Bullish Momentum
Hyperliquid’s current price stands at $41.81, registering a 6.63% gain in the last 24 hours. Trading volume spiked to $325 million, up 45.62%, signaling intensified buying pressure. Throughout the day, the price formed higher highs and higher lows a classic sign of bullish structure.
The coin broke through a midday consolidation zone between $39.50 and $40.00. This led to rapid upward movement, with the price topping at $41.81, which now acts as short-term resistance. Support has formed at $38.00, where the price previously found a base, and $39.23, which served as the day’s average.
If buyers can sustain momentum above $41.81, HYPE may enter price discovery especially with its fully diluted valuation (FDV) now aligned with the current price and max supply.
On-Chain Metrics and Technicals Support Further Upside
Market cap currently sits at $13.96 billion, with FDV at $41.81 billion. Notably, only 33% of the token’s total supply is in circulation. This limited float increases volatility, which could accelerate upward price moves if buying continues.
Momentum indicators offer further insight. The MACD histogram is still negative but climbing, suggesting that bullish momentum may soon overtake. The RSI is at 60.60, comfortably above neutral, and well below overbought territory. This gives room for further gains without triggering aggressive profit-taking.
