Hyperliquid consolidates just below the $40–$41 resistance zone, forming a symmetrical triangle as price watches for a breakout toward previous highs.
Market participants now believe Hyperliquid may be nearing a major breakout, with some calling for a move that could revisit or even exceed previous highs. This follows a strong rebound in fundamentals, as on-chain activity, revenue, and TVL all trend upward.
Fundamentals Strengthening While Hyperliquid Nears $40
Hyperliquid is hovering just under $40, about 12% below its all-time high. On the surface, price looks stable, but activity under the hood tells a different story. Hyperliquid processed over $220B in volume in the past month, now sitting at over $1.1T total. It holds a dominant 75%+ share in the decentralized perps space and is pulling in more than $1M in protocol revenue daily. That’s not just noise, it’s real usage at scale.
Hyperliquid processes over $220B monthly volume as TVL surges past $1.8B, highlighting rapid ecosystem growth. Source: JefferyCrypt via X.
JefferyCrypt believes the ecosystem is expanding fast, and that’s likely to start showing up in price. TVL has grown from $330M to $1.8B in three months, and $4B has been bridged into the network.
Breakout Imminent as Hyperliquid Establishes a Symmetrical Triangle
After weeks of steady sideways price action, the Hyperliquid price is now establishing a symmetrical triangle pattern. Crypto analyst Callum shows the structure has tightened to a point where breakout pressure is starting to get imminent. Price is hovering around $38.94, just under the $40 mark.
Hyperliquid forms a symmetrical triangle just below $40, with breakout pressure building near key resistance. Source: Callum via X.
The fundamentals have already laid a strong foundation, volume, TVL, and ecosystem metrics are trending up. If buyers step in and push HYPE through the $40 to $41 resistance zone, there’s room to extend toward previous highs and potentially price discovery.
HYPE Liquidity Map Tilts the Odds Toward the Upside
Analyst Ian Alloway has positioned with clear upside expectations, and the data is backing his move. The latest heatmap reveals a tight cluster of short liquidations at $41.70 worth $897K, followed closely by another $716K at $41.85. These are major liquidity clusters, right where the resistance is holding.
Liquidity clusters at $41.70 and $41.85 signal potential for a rapid upside move as short positions pile up. Source: Ian Alloway via X.
Clusters of short liquidations with this magnitude often become an area of interest. Once price starts moving toward them, it can trigger a chain reaction of forced exits, panic short coverings that send price jumping in a blink. And right now, the path above $41 looks like it’s been quietly prepped for exactly that.
HYPE MACD Flashes First Sign of Caution
As momentum builds around the $41 resistance zone, not everyone is leaning fully bullish. Duo Nine highlights a fresh MACD cross on the 3-day timeframe, one that typically signals a shift in short-term momentum. The histogram is now fading after a strong run, and the MACD line has just rolled below the signal. It’s not a breakdown, but it’s enough to raise a flag of caution.
A fresh MACD cross on the 3-day chart signals cooling momentum as HYPE tests the $41 resistance. Source: Duo Nine via X.
This comes right after strong liquidity data pointed to upside potential and just as the symmetrical triangle approaches its apex. The caution here doesn’t undo the bullish setup, but it suggests the move might not be straight-line clean.
Final Thoughts: Bullish Scenario or Bearish Outlook?
While momentum appears to be building toward a breakout, Hyperliquid’s next move still hinges on key levels around $40 to $42. The technical structure is clean, liquidity zones are loaded, and fundamentals are improving across the board.
That said, with the MACD signaling a short-term cooldown, the breakout might not come as easily as bulls hope. It’s a moment of pressure building, where the next big candle could shape the short-term trend. Still, the broader picture leans bullish.
