HYPE Price Action Shows Momentum Towards $38 as Traders Remain Engaged

Key Insights:

• HYPE surged past $36 after breaking $33.60 resistance, showing strong short-term momentum among traders.
• Total value locked in Hyperliquid reached $4.45B, maintaining steady activity despite an earlier peak above $6B.
• Daily fees of $2.66M reflect ongoing engagement, with liquidity stabilizing after surge and cooldown phases.

HYPE token has shown strong momentum as it nears $38, attracting attention from traders. Market activity suggests traders are closely watching the next price target while short-term momentum remains strong.

The token is trading at $36.22 USD with a 24-hour trading volume of $392 million, reflecting steady engagement. Hyperliquid is up 7% in the last 24 hours, and traders are positioning for a possible test of the upper resistance.

Trading Patterns and Price Movement

Market data shows that HYPE experienced sharp gains after weeks of limited movement. According to the 4-hour chart, Crypto Tony shows HYPE moving sharply higher after holding above key support levels. The token surged past $36.00 on the 4-hour chart after breaking the $33.60 resistance level. 

The cryptocurrency broke a key resistance level at $33.60, drawing attention from market participants. Short-term momentum indicators suggest overextension, which could lead to minor corrections before further gains.

Earlier price consolidation created a stable zone, helping the market absorb recent volatility. HYPE price action followed weeks of sideways movement, with earlier consolidation in March forming a base for the recent push. Traders remain active and are adjusting positions as the price approaches the critical $38 level.

Protocol Activity and TVL Trends

Meanwhile, Hyperliquid’s total value locked (TVL) stands at $4.45 billion as of March, 2026. Daily fees are around $2.66 million, showing that the network continues to see steady activity. TVL rose from $2–3 billion mid-year to over $6 billion before stabilizing in the $4–5 billion range.

The pattern shows a surge in liquidity, followed by a cooldown and stable consolidation. The network activity remains strong despite the TVL settling lower. This indicates consistent engagement rather than capital leaving the platform. Traders and users continue to engage with the platform, maintaining consistent fee generation.

Despite the lower TVL compared to the peak, the network activity remains strong despite the TVL settling lower. This indicates consistent engagement rather than capital leaving the platform. Activity in the network supports ongoing engagement, showing that the market is adjusting to a balanced phase rather than declining interest.