Hyperliquid Price Maintains $45 Amid Record Spot Volume Reaching $3.5 Billion

Hyperliquid’s price remains stable at $45 following a minor decline, with record trading volumes indicating that its market momentum might be just beginning.

Key Takeaways

Hyperliquid is currently trading at $45, experiencing a slight 1% dip but maintaining weekly gains of over 7%.
Trading volumes surged to $537 million in just one day, with derivatives turnover reaching $2.65 billion.
Hyperliquid's exchange achieved a historic high with $3.4 billion in spot volumes within a 24-hour period.
Overall decentralized exchange volumes have exceeded $16 billion for August, reflecting strong market activity.

Hyperliquid has demonstrated resilience at the $45 level, reflecting a small decrease of 1% in the past 24 hours. However, the token has maintained most of its weekly gains, having risen more than 7% over the last seven days. Currently, it trades 9% below its record high from mid-July.

The surge in both spot and derivatives markets is contributing to this positive momentum. In the last day alone, trading volumes surged by more than 50%, reaching $537 million. Derivatives turnover spiked to $2.65 billion, as reported by Coinglass. Additionally, open interest fell by 1%, which suggests that traders are actively repositioning rather than exiting the market. This pattern often indicates consolidation, a process where short-term leverage resets, initiating a potential upward trend.

On August 26, Hyperliquid announced that its exchange achieved a remarkable spot volume of $3.4 billion within a 24-hour timeframe, primarily driven by BTC and ETH trading pairs. This impressive volume has positioned the platform as the second-largest venue globally for Bitcoin spot trading.

Data from DefiLlama supports this trend, showing that monthly volumes for decentralized exchanges reached $16 billion in August, significantly surpassing July’s $11 billion totals. Additionally, the platform's total value locked has increased to $685 million, the highest in six months.

Analyzing Hyperliquid's daily chart reveals that HYPE is consolidating near its mid-Bollinger Band, just above the $45 mark. While this indicates some stability, a breakout may be on the horizon, as the bands are beginning to narrow. The MACD presents a slight bearish crossover, suggesting a degree of short-term caution, while the relative strength index remains neutral at 52, indicating a balanced momentum.

The moving averages portray a more optimistic view. From the 10-day EMA ($44.16) to the 200-day SMA ($29.32), all key moving averages are currently signaling buy, reflecting a sustained uptrend.

If the $45 level is maintained, buyers may propel the price towards $48.50 and potentially back to the July peak around $50. Conversely, if the $44 support (mid-band) fails to hold, a decline towards $40.50 could occur, which represents the lower end of the 7-day trading range. A drop below this level may trigger broader downward pressure.

Hyperliquid price defends $45 as spot volume hits $3.5B all-time high