HYPE Jumps 8% to $58.7 — Can Hyperliquid Break Its Rising Wedge?
Hyperliquid (HYPE) extended its rally on Thursday, trading near $58.77 after gaining more than 8% in the past 24 hours.
Quick overview
- Hyperliquid (HYPE) has seen an 8% increase, trading near $58.77, following a rebound from its previous high of $57.40.
- The integration of the USDC stablecoin and Circle's Cross-Chain Transfer Protocol has enhanced Hyperliquid's DeFi capabilities, potentially attracting larger trading volumes.
- Hyperliquid reported record Q3 revenue of $250.45 million in fees, showcasing rapid ecosystem expansion despite a lean team of 11 members.
- Technical indicators suggest caution, with HYPE facing potential bearish signals as it approaches a rising wedge formation.
Hyperliquid (HYPE) extended its rally on Thursday, trading near $58.77 after gaining more than 8% in the past 24 hours. The rebound follows last week’s pullback from its record $57.40 high and has been supported by strong network adoption and fresh integration milestones. The addition of the USDC stablecoin went live on Hyperliquid’s Ethereum Virtual Machine (EVM) on Tuesday, alongside Circle’s Cross-Chain Transfer Protocol (CCTP V2).
This upgrade streamlines deposits across HyperCore and HyperEVM applications, enabling more efficient decentralized finance (DeFi) activity. By enhancing both security and liquidity, the integration positions Hyperliquid as a competitive DeFi hub. Analysts suggest USDC’s arrival could attract larger trading volumes and sustained adoption, strengthening the token’s long-term growth prospects.
Q3 Delivers Record Revenue
Beyond market enthusiasm, Hyperliquid’s financials highlight rapid ecosystem expansion. According to Artemis Terminal, the network generated $2.5 million in fees within just 24 hours, surpassing larger players such as Ethereum and Solana.
A Reflexivity Research report revealed Q3 as Hyperliquid’s best-performing quarter to date:
- Total fees: $250.45 million
- Token Holder Net Income: $243.59 million
- Team size: 11 members
These results showcase remarkable efficiency, underscoring how a lean team has managed to build one of the fastest-scaling platforms in blockchain. Such metrics fuel optimism that HYPE can sustain its competitive edge even as broader market conditions shift.
Hyperliquid (HYPE) Technical Outlook: Rising Wedge Risks
Despite strong fundamentals, technicals suggest caution. On the two-hour chart, HYPE/USDC has reached $59.36, pressing against the upper boundary of a rising wedge formation. This pattern often signals slowing momentum, especially when paired with weakening indicators. The latest candle closed with a long upper wick, resembling a shooting star, a bearish reversal signal that typically marks failed breakout attempts.
HYPE/USDC is testing $59.3 at the top of a rising wedge 📉
RSI flashing divergence, latest candle = shooting star.
Reject here → $55 / $52 support.
Breakout & engulfing candle → retest $60+.
Line in the sand: $59.3.#HYPE #Crypto #Analysis pic.twitter.com/xQZLL28iH9— Arslan Ali (@forex_arslan) September 18, 2025
The RSI is hovering near overbought territory, flashing potential bearish divergence as price makes higher highs without matching strength in momentum. If sellers confirm control through a sequence of heavy red candles—known as the three black crows pattern—the wedge breakdown could accelerate. Immediate support lies near $55, aligned with the wedge’s midline and prior consolidation. A decisive break below could send HYPE toward $52, with deeper targets near $48 if downside pressure builds.
Conversely, if bulls defend the channel and print a bullish engulfing candle or even three white soldiers at support, a rebound back toward $60 remains possible. For novice traders, the setup is straightforward: $59.36 is the line in the sand. A rejection here favors short opportunities with targets at $55 and $52. For professionals, patience and confirmation remain critical as risk-reward tilts bearish unless a convincing reversal emerges.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save