The price of HYPE is approaching ATH as it attracts new capital with record revenue.

Hyperliquid (HYPE) continues to maintain an upward trend with 2.7% in the past 24 hours, extending the growth streak from last week with an impressive increase of 31%.

The basic factors of the market are currently very positive as HYPE is trading around the threshold $48 at this moment, approaching the historical peak. Coinphoton has analyzed and stated that this potential can be clearly reflected on the price chart.

Hyperliquid attracts new capital and outstanding growth

Among the top 15 blockchains, Hyperliquid has recorded up to 25 million USD stablecoins flowing in over the past week.

This increase is accompanied by a strong rise in network participation — the Total Value Locked (TVL) of Layer 1 has exceeded $2.41 billion, making Hyperliquid the ninth largest blockchain globally and the seventh in the Layer 1 group.

Source: LookonchainThe growth momentum is further reinforced in the perpetual DEX segment(perp DEX), as both capital flow and utilization rates show positive trends. According to a report from Lookonchain, in just the past week, the volume of perp DEX surged by 35.9%, reaching a milestone of 58.08 billion USD in the market.

In comparison, two other major perp DEX exchanges mainly saw capital outflows, with the volume of Aster (ASTER) decreasing by 0.36%.

Strong breakout profits across the ecosystem

In addition, Lookonchain also reported that the outstanding growth of perp DEX volume on Hyperliquid has led to a significant increase in revenue over the past week. Revenue reached a record level of 20.19 million USD, making Hyperliquid the third-largest revenue-generating protocol in the market at that time.

Notably, Hyperliquid still holds the position of the highest yielding protocol when excluding stablecoin issuers like Tether and Circle.

Source: LookonchainAt the same time, HYPE staking investors have received a total of 90.07 million USD in rewards this month. This payout scale reflects the strong confidence of long-term investors, and short-term selling pressure is being significantly restricted.

The combination of revenue growth and staking yield has reinforced a strong bullish trend for the HYPE token.

Technical Outlook: Ready to Re-Test Peak Levels

Technically, HYPE is currently trading in a critical resistance zone from $47.36 to $48.88. This price area has previously put downward pressure on HYPE four times before. If it continues to be rejected here, the token may lose the recently surpassed downtrend resistance.

Source: TradingViewHowever, the Money Flow Index (MFI) is at 63.37, indicating that the capital flow continues to enter and investors believe HYPE still has growth potential.

If it successfully breaks through this resistance zone, HYPE could completely advance to the highest historical level of nearly $59. On the contrary, if it fails, the price may return below the resistance line it just recovered from.

Mr. Teacher