HYPE Rockets 315% Since April Low as Bullish Patterns and Record Metrics Fuel Rally

May 26: HYPE continued its explosive run, surging to an intraday peak of $39.6. This extends the impressive uptrend that began on April 4, when the token bottomed out at just $9. At press time, HYPE was trading around $38.3, marking a 315% gain from its recent low and pushing Hyperliquid’s market capitalization to $12.85 billion.

Momentum Backed by Volume, Open Interest, and Fees

The sustained rally appears to be driven by a trifecta of bullish catalysts: increased trading volume, soaring open interest, and rising protocol revenue.

According to DeFiLlama, Hyperliquid’s 7-day trading volume jumped 13.36% to $78.67 billion, making it the most active DeFi platform globally.

In derivatives, Hyperliquid is outpacing all competitors. The platform has now facilitated over $1.56 trillion in perpetual futures volume, far eclipsing second-place Jupiter, which sits at $310.9 billion. This surge in activity has pushed open interest to an all-time high of $1.39 billion.

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Traders Flock to Perpetual Futures

Perpetual futures, which offer leveraged exposure without expiration dates, are playing a key role in HYPE’s breakout. With the market favoring risk-on tools, these instruments have become a staple for crypto traders aiming to amplify gains. This trend is directly benefiting HYPE’s demand.

Protocol Fees Soar; Potential Buybacks in Sight

Another bullish driver is protocol fee revenue. Hyperliquid pulled in $22.26 million in fees last week, marking four straight weeks of growth. This financial strength opens the door for potential HYPE buybacks, which could further squeeze supply and elevate price momentum.

Regulatory Engagement Adds Credibility

Adding to investor confidence, Hyperliquid recently submitted two formal responses to the U.S. Commodity Futures Trading Commission (CFTC). These addressed ongoing discussions around perpetual futures and round-the-clock crypto markets. The move was met with approval across the crypto community. HYPE jumped approximately 15% shortly after the announcement.

Whale Activity and Retail Hype Align

On-chain data from Lookonchain reveals that two whale wallets scooped up $10.09 million worth of HYPE, signaling deep-pocketed interest. This kind of accumulation often sparks FOMO-driven retail inflows, as smaller traders track whale moves for directional cues.

Search trends also support growing retail engagement. Google Trends shows a significant spike in searches for “HYPE,” often an early indicator of increased trading activity.

Technicals Paint a Bullish Picture

From a technical analysis standpoint, HYPE is flashing green across multiple signals. It recently broke out of a symmetrical triangle on the 4-hour chart, a move that typically precedes strong upward momentum. The token is also trading well above its 20-day and 50-day SMAs, reinforcing the strength of the trend.

Adding fuel to the rally, HYPE appears to be forming a classic cup-and-handle pattern, a highly regarded bullish continuation setup. Based on chart projections, the pattern suggests a target price of $47.7, which represents an additional 24.5% upside from current levels.