Will HYPE maintain its upward momentum after reaching a new peak?

Hyperliquid (HYPE) has increased by 7.55% to a new all-time high of 57.38 dollars before a slight adjustment to 56.44 dollars at the time of writing.

During the same period, the market capitalization of HYPE reached a new ATH of $19.13 billion, while the trading volume increased by 39% to $617 million.

Can HYPE continue this impressive upward trend?

Whales continue to accumulate HYPE

Amid a strong surge, investors are particularly jumping into the market to chase the rally. According to data from Lookonchain, a whale sent 8 million dollars to Hyperliquid and purchased 86,322 HYPE tokens worth 4.88 million dollars.

Source: LookonchainA whale wallet recently sent 4.58 million USDC to Hyperliquid to buy HYPE. In total, large investors have spent 9.46 million dollars to purchase this token — indicating strong confidence from institutions.

The exchange data also reinforces the accumulation trend. According to Coinglass, the net spot flow of HYPE has remained negative for two consecutive weeks, reflecting continuous outflows from the exchange.

At the time of writing, the net flow is at -$12.76 million, indicating that the amount of HYPE withdrawn is greater than the amount deposited — a typical sign of strong accumulation.

On-chain activities of Hyperliquid are heating up

Notably, as the upward trend continues, on-chain network activity of HYPE has also surged. According to data from Dune, the cumulative number of transactions for Hyperliquid has increased to 147 billion, while the total number of users has reached 669,800 at the time of writing.

Source: DuneAt the same time, the number of new users has surged by 42% to 2,100, indicating a strong adoption rate. Typically, when the number of users and their level of activity spike, it signals enthusiastic market participation.

Source: ArtemisIn addition, the number of transactions per user of Hyperliquid has surged to a new ATH of 20.5, reflecting a strong network engagement as users become more active.

Therefore, the current price increase is supported by natural demand, the level of network usage, and market conditions that have historically supported higher prices.

Source: Artemis## Derivatives capital flow surges

Notably, when examining the derivatives market, it can be seen that a large amount of capital has flowed in here, indicating a sustainable demand for futures contract positions.

According to Defillama, the trading volume of HYPE perpetual contracts increased from $3.3 billion to $12.3 billion in just five days, indicating a massive influx of capital.

Source: DefillamaTypically, when the volume of perpetual contracts increases sharply along with strong spot demand, it indicates that leveraged activity is supported by actual buying strength, making the bullish trend more sustainable.

This setup implies that participants are leaning towards a bullish trend and expect prices to continue rising.

Can the bullish trend continue?

According to the analysis, HYPE has surged as both whales and retail investors dominate the market. At the same time, on-chain activity has also increased significantly, indicating natural demand.

Therefore, the current market conditions are putting HYPE in a favorable position to continue increasing in price. If this positive sentiment persists, the upward trend of Hyperliquid will continue and reach new highs.

However, if the ATH level encourages holders to take profits, strong selling pressure may cause HYPE to adjust to $51.

Minh Anh