The price of Hyperliquid (HYPE) is up more than 78% over the past month, and the momentum is building as the dominance of the Hyperliquid decentralised exchange in the perpetual contracts market rises.

This impressive rally underscores growing enthusiasm for the platform, which has quickly emerged as a leader in decentralised trading.

Notably, Hyperliquid’s innovative approach continues to attract traders seeking anonymous, efficient perpetual contract markets, causing a surge in trading activity and daily revenues.

According to DefiLlama, Hyperliquid’s decentralised exchange currently boasts over $7.646 billion in daily perpetual contracts trading volume.

Furthermore, the platform’s total open interest has climbed to $5.6 billion, with Bitcoin perpetual contracts open interest accounting for $1.8 billion, surpassing the centralised perpetual contracts giant Deribit.

In fact, Hyperliquid has processed over $1 trillion in lifetime trading volume, currently at a cumulative volume of $1.464 trillion, a milestone that highlights its growing influence.

Additionally, the exchange generates $2 million in daily revenue, fueled by the huge 24-hour perpetuals volume.

Notably, Hyperliquid’s user-friendly design, including anonymous trading and fee discounts for HYPE holders, drives its appeal.

In addition, the DEX has reinvested much of its annual revenue, which exceeds $700 million, into HYPE buybacks, tightening the token’s supply.

Currently, Hyperliquid’s native token, HYPE, trades at $27.634, a 189.36% jump from April’s low of $10.27, signalling a robust bullish momentum.

Over the past two weeks, the token’s price has appreciated by over 31%, with an 11% surge over the past 24 hours.

Meanwhile, the token hovers above key moving averages, reinforcing its strong technical outlook.

Additionally, an inverse head and shoulders pattern suggests a potential climb to $45 if resistance at $27 and $35 breaks.

However, the Relative Strength Index (RSI) currently sits above 75, indicating overbought conditions, hinting at a possible short-term correction.

Nevertheless, support levels at $24.76, $22.32, and $20 provide a safety net for any pullbacks.

On the upside, resistance looms at $28.13, $30, and the all-time high of $42.27 on KuCoin, testing HYPE’s strength.

Should momentum persist, analysts see HYPE eyeing a new peak above the all-time high of $34.96 that was set in December 2024, bolstered by Hyperliquid’s market dominance.

However, a drop below $22 could trigger a decline to $20, though the broader trend remains firmly bullish.

Ultimately, Hyperliquid (HYPE) stands on the cusp of challenging its all-time high, driven by strong technical indicators and platform success underpinned by the rising daily revenue and soaring open interest.

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