- HYPE broke its previous all-time high at $76.83 and entered a "price discovery" phase at the $84.12 level.
- The trading volume of perpetual futures contracts on the Hyperliquid platform reached its peak at $19.4 billion on August 21.
- An increase in trading volume indicates intense market activity, but it does not necessarily determine the direction the price will take next.
## HYPE surpasses its previous historical high
The HYPE token has officially entered the “price discovery” phase after breaking above its previous historical high of $76.83 in late August. The coin is currently trading around $84.12, after moving past the level that previously capped its upside, turning that old peak into a potential support zone, while the $90.16 level is now in focus.
This hack appears impressive on the chart, but the “price discovery” phase comes with a common issue: the lack of major historical resistance levels above the current price. This may help keep momentum going, but it also makes it harder to predict the market’s next reaction.
If HYPE’s price continues to rise, then the $90.16 level will become the next prominent target. The question is whether buyers can maintain enough buying pressure to break through this level, or whether traders will start taking profits as the coin approaches the $90 area. For now, the $76.83 level is the one bullish traders do not want to lose.
## Perpetual futures trading volume shows tension in the market
On-chain data adds additional context. Perpetual futures trading volume on the Hyperliquid platform peaked at $19.4 billion on August 21—about 2.2 times the usual weekly average. Spot trading volume also reached around $462 million—about 4.1 times its typical level. These are large increases, but they are not record numbers.
The biggest volume spike was on June 5, with $20.2 billion in perpetual futures and $576 million in spot trading. Since January 2025, June 5 ranks sixth, while August 21 ranks eighth through August 24. The largest all-time peak occurred on October 10, 2025, when perpetual futures volume hit $32.7 billion and spot trading reached $1.08 billion.
## Trading volume alone cannot predict HYPE’s next move
There is another noteworthy point: the June trading-volume spike did not signal the market’s bottom. Bitcoin later fell by an additional 4% to reach $58,562 on June 30—more than three weeks after that spike.
So, rising trading volume only confirms that trading activity is tense and intense—but it does not automatically reveal whether the next major move will be bullish or bearish.
## Summary
This puts HYPE at an interesting crossroads: the $76.83 level has become the main support after the historical high was broken, while $90.16 represents the next bullish level to watch. Whether HYPE continues in the price discovery phase—or starts a sell-off wave near this target—will depend on how buyers and sellers respond as trading volume keeps rising.
