The HYPE token, the native asset of the Hyperliquid decentralised exchange (DEX), is experiencing renewed bullish momentum.

Over the past three months, the price of HYPE has climbed more than 300%, riding a wave of increasing capital inflows, whale accumulation, and broader enthusiasm for Hyperliquid’s expanding ecosystem.

As traders turn their attention to the platform’s growing dominance in the decentralised derivatives market, many are asking whether HYPE has the momentum to reach a new all-time high in the coming weeks.

One of the key drivers behind HYPE’s recent rally has been the dramatic increase in bridge deposits to the Hyperliquid ecosystem.

According to data from Purrsec, bridge deposits have surged from roughly $500 million in late 2024 to nearly $4 billion, reflecting stronger capital efficiency and increased user confidence.

These inflows suggest that institutional and retail users alike are becoming more comfortable with Hyperliquid’s infrastructure, which has been upgraded significantly over recent months.

With users pouring more capital into the network, the foundation has been laid for deeper liquidity, better trading conditions, and ultimately, stronger price support for HYPE.

At the core of Hyperliquid’s rising influence are major technological upgrades that aim to improve performance and expand its feature set.

The upcoming release of CoreWriter is expected to allow HyperEVM-based applications to integrate natively with HyperCore, the high-speed trading engine at the heart of the platform.

This development is likely to enhance dApp composability, improve speed, and attract developers building more complex financial products on-chain.

Additionally, proposals like HIP-3, which would enable permissionless listing of perpetual markets by stakers, are being closely watched as potential catalysts for increased usage and fee generation.

As integration with external protocols like Stargate and Gelato also moves forward, Hyperliquid is positioning itself as a hub for modular and flexible DeFi infrastructure.

HYPE’s sharp rise has not gone unnoticed by large holders, with whale wallets and institutional investors accelerating their accumulation strategies.

On July 2, HYLQ Strategy Corp., formerly Tony G Co-Investment Holdings Ltd., disclosed the purchase of 3,573.85 HYPE at an average price of $39.59, bringing its total holdings to nearly 29,000 tokens.

Meanwhile, on-chain data shows that entities like Nasdaq-listed Lion Group Holding Ltd. and Eyenovia have made multi-million-dollar acquisitions of HYPE in recent months.

These moves signal growing institutional confidence in Hyperliquid’s long-term prospects and provide further price stability amid increased trading activity.

Recent technical signals suggest that HYPE may be gearing up for another upward leg, as the price currently hovers around $40.487, up 6.3% in the past 24 hours.

The token is now trading just 10.7% below its all-time high of $45.57, which was recorded on June 16, 2025.

With Bollinger Bands starting to widen and the Relative Strength Index (RSI) at a neutral 58.09, analysts say there is room for further gains if current momentum holds.

Support has formed near the 20-day moving average, and should HYPE break above the $41–$42 resistance range, a retest of the all-time high could be imminent.

While the fundamentals surrounding HYPE remain solid, some analysts warn that competition from centralised exchanges could create headwinds.

Notably, major US trading platforms such as Coinbase and Robinhood are reportedly preparing to enter the perpetuals market, which could impact Hyperliquid’s current dominance.

Currently, Hyperliquid accounts for over 75% of the decentralised derivatives trading volume, but regulatory-compliant offerings from American exchanges could shift user preferences.

However, many believe Hyperliquid’s higher leverage options, faster listings, and on-chain transparency will help it retain a core user base, even if competitors emerge.

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