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

Hyperliquid price is holding firm at $45 despite a modest dip, with record trading volumes suggesting its market momentum may only be getting started.

Hyperliquid (HYPE) is showing resilience at the $45 mark, slipping 1% over the past 24 hours while keeping most of its weekly gains intact. The token has climbed more than 7% in the last seven days and is now trading 9% below its record high from mid-July.

Growing activity in the spot and derivatives markets is driving momentum. Trading volumes increased by more than half to $537 million in the last day alone.

Derivatives turnover increased to $2.65 billion, according to Coinglass data, while open interest decreased by 1%, indicating that traders are actively switching positions rather than exiting the market. This kind of churn often reflects consolidation, where short-term leverage resets before a new leg higher.

Hyperliquid breaks into the big leagues

Hyperliquid revealed on Aug. 26 that spot volumes on its exchange reached a new record of $3.4 billion in 24 hours. Much of that activity came from BTC and ETH pairs, with the platform now ranking as the second-largest venue globally for Bitcoin (BTC) spot trading.

The trend is backed by DefiLlama data, which shows monthly decentralized exchange volumes topping $16 billion in August, already well above July’s $11 billion. At the same time, the platform’s total value locked has climbed to $685 million, the highest in six months.

Hyperliquid technical analysis

The daily chart shows HYPE consolidating near its mid-Bollinger Band, just above $45. While this suggests stability, a breakout may be imminent given that the bands have started narrowing. The MACD displays a slight bearish crossover, suggesting short-term caution, while the relative strength index is neutral at 52, indicating balanced momentum. 

Moving averages tell a stronger story. From the 10-day EMA ($44.16) through the 200-day SMA ($29.32), every key moving average currently flashes buy signals, reflecting an intact uptrend structure.

If the $45 level holds, buyers could drive a move toward $48.50 and potentially back to July’s peak near $50. Failure to hold the $44 support (mid-band) risks a drop toward $40.50, the lower bound of its 7-day range. A break below that could trigger broader downside pressure.