Key Insights: HYPE price watchers have eyes peeled as Hyperliquid trading volume hits $218 billion. Analyst Cozy The Caller expects the HYPE price to return to its all-time high sooner Improv
HYPE price is changing hands at a level above $55.50 after pumping 2.2% on the week, CoinMarketCap data showed. The Layer 1 (L1) blockchain token recovered from recent consolidation moments after long traders defended lower support levels.
The latest session saw the HYPE price between $52.79 and $55.73. The movement showed renewed demand near the lower end of the range as the token climbed back above $55.
HYPE previously declined toward the $51 to $52 area during the early August market weakness. Buyers entered around that zone and helped push the price higher in recent sessions.
HYPE Price Levels | Source: CoinGecko The current chart structure places resistance between $55.70 and $56.00. A move above the $56 level would represent the next key breakout area.
However, downside price levels exist if shorting interest returns. Short-term support sits between $52.50 and $53.00, while stronger support appears around the $51 to $52 range.
The recent recovery has kept HYPE close to the upper section of its short-term range. Market participants will watch whether Hyperliquid crypto can surge and surpass resistance or return toward a lower floor.
However, technical indicators can provide insights into market trends but cannot accurately predict future price action. The information shared here is not financial advice, and investors are encouraged to seek professional guidance before trading.
The HYPE price recovery also drew attention from analyst Cozy The Caller, who shared on X a bullish prediction for the crypto.
In a post to his 206K followers, the analyst said HYPE is one of the strongest assets to hold on to during this current cycle. He also noted that some traders missed earlier gains and avoided buying during the decline.
HYPE Price Prediction | Source: X Cozy the caller also discussed recent changes among larger holders. He said several top holders had sold portions of their positions, leading to improved distribution.
Two days earlier, the analyst pointed to the $52 level as an important area for HYPE. He said the token’s recent weaker performance caused some traders to overlook its previous strength.
According to his posts, HYPE could reach all-time highs sooner than many market participants expect. He also described buying near $52 as a favorable opportunity in his assessment.
The comments came while HYPE recovered from its consolidation period. The token remained near the $56 resistance area as traders monitored the next price movement.
Trading activity on Hyperliquid crypto also gained attention after the platform recorded $218 billion in July perpetual volume.
According to CryptoRank data cited by Colin Wu, Hyperliquid generated more volume than seven other leading perpetual decentralized exchanges combined.
PERP DEXs by Trading Volume | Source: CryptoRank The data showed Hyperliquid recorded $218 billion in July volume. The other seven platforms collectively generated $189 billion during the same period.
Aster recorded about $43.6 billion in volume, while Lighter reached approximately $36.4 billion. GRVT posted around $34.4 billion during July.
Overall activity across the top eight perpetual DEX platforms declined by roughly $85 billion month over month. The decrease represented a 17% drop compared with the previous month.
Despite the decline, Hyperliquid accounted for the largest portion of reported activity. The platform’s July volume remained higher than the combined figure from the other seven exchanges.
A continued increase in volume could support a scenario where HYPE crypto tests higher price levels beyond the current resistance range. However, the price would still need to clear the $56 area before reaching a new technical breakout zone.
The post HYPE Price Eyes Record High as Hyperliquid Trading Volume Hits $218B appeared first on The Coin Republic.
