The cryptocurrency market is currently recovering from last Thursday’s dip which saw Bitcoin dip to $100,400 level and Ethereum to $2,300 level. This recovery has seen BTC reclaim $105,500 level while ETH is back above $2,500. However, Hyperliquid (HYPE) is leading the top 20 altcoins recovery with an impressive 4% surge on the day.

Hyperliquid’s surge comes amid heightened network activity. Recent reports highlight that the chain topped all other chains in fees in May. As well, the Hyperliquid protocol is challenging Binance’s dominance in perpetual futures trading. 

Hyperliquid is Up by 4.24% over the Last 24 hours

Bolstered by a series of factors, Hyperliquid’s native token HYPE, is making headlines today. As per the data by CoinMarketCap, HYPE has surged to $35.41 marking a 4.24% pump on the day. This surge highlights the growing demand and interest from retail investors. 

Nonetheless, while the price is surging, trading volume around Hyperliquid is still down. Over the last 24 hours, Hyperliquid has recorded $125.24 million in trading volume. This marks a 44.98% dip on the day indicating weakening momentum. 

Despite trading volume being low, Hyperliquid’s encroachment into the dominance of Binance in perps trading could be driving the recent price surge. The data by DefiLlama shows that Hyperliquid hit $248 billion in perpetual trading volume, marking a new all-time high in futures trading volume on the monthly time frame. 

The monthly perps trading volume recorded by Hyperliquid in May marked a 51.5% month-over-month (MoM) increase. Hyperliquid had recorded $$187.5 billion in perps trading volume in April 2025. Judging by the explosive growth, the protocol is positioning itself to dominate perpetual futures on-chain trading. 

Hyperliquid Dominates Other Chains in Gross Profits

Besides gaining a lot of ground in the perps trading sector, Hyperliquid also dominated all chains in revenue in the month of May. Crypto investor Crypto Rand shared that Hyperliquid recorded topped all chains in terms of gross profits in May. 

The data by Crypto Rank shows that the chain recorded a total of $72.3 million in profits. Coming in second was Tron with 58.3 million and Ethereum came in third with $21.8 million in profits. 

What’s Next for the Price of HYPE?

Hyperliquid has been performing quite well. However, the lack of trading volume could signify a weak trend. But by analyzing the technical indicators, the Relative Strength Index (RSI) points to continued momentum in the short-term. 

On the 4-hour chart, HYPE’s RSI has a reading of 55.22 climbing from 48.04 in the last 4 hours. The surge in the RSI shows that bullish momentum is picking up pace. As a result, the price of HYPE could continue to rise. 

After the recent price performance, analysts are eying a higher price for HYPE. In particular, crypto analyst MINDagent predicted that Hyperliquid could surge to $42. “Hype holding firm above $33.18, eyeing $42.00 as next target,” MINDagent posted. 

For HYPE to surge to this level, the recent rally must be backed by a surge in volume. Traders must thus keep watch of HYPE’s metrics to discern whether the momentum will continue or break.