HYPE has entered a new phase of price discovery after breaking above its previous high of $76.83, with the latest trading range approaching $84. As there is a lack of clear historical resistance above, the market is now focusing on whether it can move closer to the $90 level.
Pay attention to the vicinity of $90 after the price breaks through.
In this round, the previous historical high has turned from a pressure level into a potential support level. What the current market is more concerned about is whether the buying momentum can continue to be maintained and drive prices closer to $90.16.
However, entering the price discovery range also means that there are fewer reference ranges. As prices continue to rise, the pressure to take profits in the short term may also increase accordingly. For bulls, $76.83 remains a crucial level at present.
Hyperliquid trading volume has significantly increased
On-chain data provides additional context for this trend. On August 21st, the trading volume of the Hyperliquid perpetual contract reached $19.4 billion, which is approximately 2.2 times the usual baseline; the spot trading volume reached $462 million, which is about 4.1 times the usual baseline.
- Perpetual contract trading volume: $19.4 billion
- Spot trading volume: $462 million
- Date corresponding to: August 21st
Although the trading volume has significantly increased, it does not represent the highest level in the platform's history. On June 5th, the trading volume of the Hyperliquid perpetual contract reached $20.2 billion, and the spot trading volume reached $576 million, both of which are higher than the current levels.
Increased trading volume does not mean that the direction has been determined.
Based on the data from January 2025 onwards, the trading volume peak on June 5th ranked sixth, and on August 21st it ranked eighth. As of August 24th, the most extreme increase in trading volume on the platform occurred on October 10, 2025, when the trading volume for perpetual contracts reached 32.7 billion US dollars, and the trading volume for spot products reached 1.08 billion US dollars.
The article points out that an increase in trading volume is a clearer indication of heightened transaction activity, but it is not sufficient to determine alone whether the trend will continue upward or turn downward next. Similarly, the significant volume increase in June did not directly correspond to a market low point, and Bitcoin still fell to $58,562 in the following weeks.
