Hyperliquid (HYPE) surged to a record high of $39.6 on May 26th, pushing its market capitalization past $12.85 billion. This dramatic rally began back in April when HYPE bottomed out at just $9. Driven by surging trading volume, growing open interest, and rising network fees, HYPE has become a dominant force in the DeFi space. Data from DeFiLlama shows that HYPE’s seven-day trading volume climbed 13.36% to a staggering $78.67 billion, making it the most active platform in DeFi right now. This momentum is further fueled by its record-high open interest of $1.39 billion and HYPE’s role as the leader in perpetual futures trading, which has processed over $1.56 trillion in volume. 24/7 trading on this platform also contributes to HYPE’s rise, with weekly fee revenue hitting an all-time high of $22.26 million. This surge in fees could potentially allow Hyperliquid to buy back HYPE from the open market, reducing supply and further fueling price gains. The recent submissions of formal letters to the U.S. Commodity Futures Trading Commission regarding perpetual futures and 24/7 crypto trading have been well-received by the crypto community, with many applauding HYPE’s proactive engagement with regulators. This positive response led to an immediate increase in the HYPE price, climbing approximately 15%. Institutional investors are also showing increasing interest, as evidenced by large whale transactions exceeding $10 million recently. This momentum is evident in Google Trends data which shows a significant spike in search volume for “HYPE.” These trends indicate a growing retail interest and anticipation of further price movements. Technical analysis further supports this bullish sentiment. HYPE’s breakout from a symmetrical triangle pattern on the 4-hour chart and its movement above both the 20-day and 50-day simple moving averages are clear indicators of a strong upward trend, making it a potential buying opportunity for many traders. Additionally, the presence of a textbook cup-and-handle pattern adds to the bullish outlook. This pattern, often seen as a continuation signal in technical analysis, suggests that HYPE could reach $47.7 (24.5% higher than its current price). This would mark an impressive milestone for the cryptocurrency.