Hyperliquid has extended its explosive April run into May, trading at $21.27 after a 6.6% daily gain and a staggering 54.9% monthly climb. Price action has flipped bullish on multiple timeframes, with HYPE now sitting above both its 21-day EMA ($17.91) and 50-day SMA.
The recent breakout above the $19–$20 resistance zone coincided with a clear Fibonacci reclaim, pushing HYPE above the 0.5 level at $21.30. If bulls can close above this line, the next technical target lies at $24.10 (Fib 0.382), with $27.56 and $33.16 marking upper extension zones.
Momentum remains strong but not yet overstretched. RSI reads 69.5, Stochastic Oscillator is nearing peak levels above 95, while the MACD lines are diverging bullishly. This suggests a potential continuation but warns of a near-term cooldown.
Data shows over $1.53B in USDC has been bridged into Hyperliquid—an increase of $200M in April alone. Roughly 57.6% of Arbitrum’s bridged USDC is now allocated to Hyperliquid, highlighting the platform’s dominance among L2-native perp DEXs.
The rise in TVL follows Hyperliquid’s integration with Cypher, enabling HYPE holders to spend both spot and perp balances globally via Apple Pay and Google Pay. Additionally, the upcoming May 5 launch of a fee/staking upgrade, offering 5–40% trading discounts, has sparked renewed demand.
Notably, 173 billion in monthly perp volume placed Hyperliquid far ahead of dYdX and GMX, solidifying its status as the top-performing decentralized derivatives venue.
Airdrop, Builder Incentives Add Speculative Fuel to Hyperliquid
Market participants are also pricing in a second airdrop season. With 38.9% of the HYPE supply still reserved for the community, speculation is mounting that new farming events could be announced in May.
Meanwhile, Hyperliquid’s upcoming decentralization of perp listings (HIP-3) via third-party deployments is live on testnet. This builder-first approach, paired with the anticipated launch of HyperEVM, could draw further developer interest and liquidity migration.
In closing, Hyperliquid’s structure is textbook bullish: price sits above all major moving averages, volume remains steady, and on-chain inflows are climbing. However, indicators are flashing early signs of exhaustion. A failed break above $21.30 could lead to a retrace toward $19.00, now a key support zone.
