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**Hyperliquid Price Nears Breakout as Bulls Eye $53.97**
In a stunning turn of events, the price of Hyperliquid’s HYPE token has surged 6.3% to trade at $49.65, catapulting it closer to its all-time high (ATH) of $51.07. As bulls eye the crucial resistance level of $53.97, the stage is set for a potential breakout.
The upward momentum has been fueled by the influx of whale leveraged bets, which have played a significant role in driving adoption and propelling Hyperliquid’s volumes higher. The network’s robust on-chain usage has further strengthened its position, as TVL (Total Value Locked) now stands at an impressive $2.5 billion.
As the price approaches the ATH, it is essential to analyze the technical landscape. From a bearish perspective, any failure to hold above $45.75 would result in a potential retest of $40.58. However, from a bullish standpoint, breaking out above this resistance could catapult HYPE toward the target of $53.97.
The MACD histogram has recently flipped positive, indicating renewed bullish momentum. Notably, trading volume has surged 53.39% in the past day to a staggering $172.12 million, corroborating the strength of the move.
With an all-time high market capitalization of $16.54 billion and a fully diluted valuation of $49.37 billion, it is clear that HYPE is gaining traction within the decentralized finance (DeFi) ecosystem.
In conclusion, Hyperliquid’s robust on-chain growth has fostered a strong foundation for the token’s value, and the stage seems set for a potential breakout above $51.07.
Source: coinpedia.org
