HYPE hits 2026 high as Hyperliquid volumes soar: Is the rally sustainable?

HYPE's price soared to $45, but data show weak spot volumes and rising leverage use as signs that market momentum may fade.

Hyperliquid’s native token HYPE (HYPE) re-tested $45 on Tuesday, marking its highest value since October 31, 2025. The rally extends a 108% rally from its yearly low at $21 on Jan. 21.

With HYPE price pushing toward all-time highs, market demand signals remain mixed, as weak spot buying activity threatens to slow the rally's momentum.

HYPE currently trades 26% below its all-time high of $59, with relatively thin resistance between the current levels and its peak. The next liquidity zone lies between $52 and $48 and could be reached if momentum sustains. However, the HYPE spot and futures trading data suggest the rally is not entirely conviction-driven.

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