Key Insights:
- Hyperliquid (HYPE) crypto price approaches $60, demonstrating sustained bullish momentum observed in the first half of August.
- Hyperliquid ETFs did not sell any HYPE last week, signaling elevated confidence among institutional holders.
- Declining network activity risks curtailing momentum as DEX volume and address activity cool to multi-week lows.
Hyperliquid crypto just concluded another week in recovery, and it appears to be going for a weekly hat trick. The Hyperliquid-native coin has kicked off this week on the same bullish momentum held last week, and findings indicate sustained confidence among institutional holders.
Hyperliquid crypto exchanged hands at $59.5 at press time after rallying by over 4% in the last 24 hours. This was its highest price tag so far this month.
The bullish HYPE price performance so far this month underscores recovery after a bearish 2-months in June and July. Its RSI is now firmly demonstrating strength above its mid-point but it is also approaching $60, where it will likely test momentum and consolidation.
Whether the HYPE token will maintain the bullish momentum or lend itself to retracement could be determined by the same factors behind the latest rally.
Hyperliquid ETFs Offer Strong Support To The Bulls
Hyperliquid’s role as one of the top DEXes has attracted a lot of interest, especially from the institutional class of investors. As a result, this category has been building up significant influence on the HYPE token.
