- HYPE price and TVL remained strong, signaling bullish momentum despite cooling Spot Volume.
- The altcoin’s structure suggested room for a continued rally, supported by higher lows and strong long positioning.
Hyperliquid [HYPE] prices recorded a considerable 9.5% surge in the past 24 hours. However, according to the latest CryptoQuant data, the HYPE Spot Volume Bubble Map reported that volumes are cooling off.
The inconsistency showed that the underlying bullish power might still be present, even if buying momentum was weakening marginally at the surface.
Spot Volumes usually indicate immediate buying and selling interest. A decline in this figure after a price increase sometimes signals the loss of retail demand.
Source: CryptoQuant
However, in HYPE’s case, other figures indicate the rally may still have legs.
TVL hits new highs as positive sentiment prevails
One of the positive signals is HYPE’s Total Value Locked (TVL), which gained over 4% to hit $1.073 billion in the last 24 hours, as reported by DefiLlama at press time.
An increasing TVL generally reflects greater capital inflows into the network, either in staking, lending, or DeFi activities, reflecting investor confidence.
At the same time, the Long/Short Ratio remains skewed towards longs, suggesting that most traders are positioning for more upside.
Source: CoinGlass
When paired with a rising TVL, this ratio becomes a more reliable sign of sustained interest.
HYPE is still bullish on the daily charts
From a technical standpoint, Hyperliquid (HYPE) has been in a constant bullish channel on its daily chart since its reversal in early April.
The token not only has maintained gains but also has continuously been printing higher lows and higher highs—traditional signs of a robust uptrend.
The most recent daily surge is part of this broader bullish trend, suggesting that the rally is not in a vacuum.
In fact, it is likely part of a broader momentum scenario. If HYPE keeps going this way, the next key resistance levels will likely become active in the near future.
Source: TradingView
Of course, softening Spot Volume could mean short-term turbulence. But TVL growth and a long-heavy Long/Short Ratio argue otherwise.
If momentum holds and support levels stay intact, HYPE may extend its rally and revisit higher targets in the near term.