Hyperliquid’s native token HYPE is back above the $40 mark, trading at $40.56 at press time after gaining 7% in the past 24 hours and 15% over the past week.

This marks a strong recovery from its monthly low of $32.62 on June 22. The last time Hyperliquid (HYPE) crossed $40 was on June 18, just before a sharp decline that pulled it down nearly 25% in four days. Now, it’s trading just 11% below its all-time high of $45.57, set on June 16.

The recent recovery coincides with an increase and on-chain activity. According to DeFiLlama data, June’s decentralized volume on Hyperliquid was $11.44billion, the highest monthly total since December 2024.

This amount more than doubles April’s $4.86 billion and represents an 18% increase from May’s $9.66 billion, suggesting that platform usage amf trader confidence are increasing. In addition, Hyperliquid’s total locked value has risen more than five times from its April low of around $330 million to $1.8 billion as of press time.

From a technical standpoint, HYPE is showing strength, but is still in neutral territory as per several key metrics. The asset appears to be gaining momentum without yet being overbought, as indicated by the relative stremgth index, which is currently at 60 amd trending upwards.

Momentum indicators are leaning bullish, with a positive 10-day momentum reading of 7.31 and the moving average convergence approaching a crossover zone. Most moving averages are in buy territory. The 10, 20, 30, 50, 100, and 200-day exponential and simple moving averages all support the ongoing uptrend, reinforcing the idea that HYPE is trending above key support zones.

However, some oscillators, such as the average directional index and awesome oscillator, are still neutral territory, suggesting that even though there is upward movement, strong trend confirmation is still pending. Volatility may soon increase significantly in either direction due to the tightening of the Bollinger Bands.

If DEX volumes continue to rise, a break above $41.50 may pave the way for a retest of the all-time high at $45.57. Failure to maintain above the $38–$39 range may lead to short-term profit-taking, with a possible decline toward $35 if sentiment in the market as a whole deteriorates.