Hyperliquid expanded the explosion this April to run in May, trading at $ 21.27 after a 6.6% day -to -day gain and a tedious 54.9% monthly climb. Price action flips bullish into many timeframes, with hype now sitting above the same 21-day EMA ($ 17.91) and 50-day SMA.
The recent breakout above the $ 19- $ 20 zone resistance in conjunction with a clear Fibonacci recovery, which drives the hype above the level of 0.5 to $ 21.30. If the bulls can close above this line, the next technical target lies at $ 24.10 (fib 0.382), with a $ 27.56 and $ 33.16 marking the upper extension zones.
The momentum remains strong but not overstretched. The RSI read 69.5, the stochastic oscillator close to the peak levels above 95, as the MACD lines vary. This suggests a potential continuity but warns a close cooldown.
The data shows more than $ 1.53B in the USDC has been -bridged with hyperliquid – an increase of $ 200m in April only. Excessive 57.6% of the Bridged USDC of the arbitrum is now allocated to hyperliquid, featuring the dominance of the platform on the L2-native per dex.
The increase in TVL follows the integration of hyperliquid into the Cypher, which enables hype holders to spend both places and balances worldwide via Apple Pay and Google Pay. In addition, the upcoming May 5 launch of a fee/staking upgrade, which offers 5-40% trading discounts, has caused modified demand.
Interestingly, 173 billion in the monthly quantity of Perp was placed Hyperliquid earlier in DYDX and GMX, strengthening its status as the leading acting decentralized area of derivatives.
Airdrop, builder incentives add speculation -haka fuel to hyperliquid
Participants in the market also priced at a second AirDrop period. With 38.9% of the hype supply reserved for the community, the speculation is rising that new farming events can be expressed in May.
Meanwhile, the upcoming hyperliquid decentralization of Perp (HIP-3) lists through third-party deployment is live on testnet. This approach-first builder, paired with Hyperevm's expected launch, can draw further interest of the developer and transfer of liquidity.
In the closure, the hyperliquid structure is textbook bullish: the price is sitting above all major moving averages, the volume remains stable, and the on-chain flows are rising. However, the indicators glisten early signs of fatigue. A failed break above $ 21.30 could lead to a reestrace towards $ 19.00, now a major zone support.
