- HYPE’s up 36% in June, while hitting a second ATH and closing in on a top 10 ranking
- DEX volume has been soaring, but low TVL raises questions about the rally’s long-term sustainability
Hyperliquid [HYPE] is living up to its name.
The token notched its second ATH in just a week, climbing by 36% in June alone. Now, with momentum accelerating and market interest spiking, HYPE may be on the cusp of entering the top 10 cryptocurrencies by market cap – A milestone that could reshape the DeFi leaderboard and challenge the dominance of legacy tokens.
Bullish energy builds for Hyperliquid
After clocking a fresh all-time high at $44.79, HYPE held firm near $44.68, at press time. The candlestick chart revealed a sharp bullish engulfing candle backed by growing volume, meaning that traders have been chasing momentum.
Source: TradingView
The RSI hit the 70-mark, indicating intense buying pressure. Meanwhile, the OBV rose steadily to 5.62 million, with the volume supporting the price rally too.
With $50 on the horizon, bulls appeared to be far from exhausted.
$15 billion in sight as capital keeps flowing
HYPE’s market capitalization has surged by nearly 50% since late April, climbing from under $10 billion to $14.92 billion, as of 16 June.
The sharp upward trajectory – with brief consolidation phases – could allude to a steady influx of capital, rather than a fleeting pump.
Source: CoinMarketCap
Notably, the latest breakout above $14.5 billion is evidence of investor confidence, positioning HYPE on the brink of breaking into the top 10 crypto rankings.
If momentum continues at this pace, the $15 billion milestone could be breached within days – Turning the psychological resistance into the next bullish catalyst.
A cautionary signal?
While HYPE’s daily DEX volume recently surged past $600 million, its TVL remains comparatively modest at $536.2 million. This disconnect may be a sign that traders are actively speculating, rather than committing long-term capital to the protocol.
Source: DeFiLlama
There is demand and liquidity, but the slower TVL growth may raise questions about the stickiness of that capital.
For HYPE to sustain its ascent, a rise in TVL will be key. Otherwise, the rally risks running on short-term hype more than durable fundamentals.
