Date: Tue, July 29, 2025 | 09:10 AM GMT
The broader cryptocurrency market is maintaining its bullish wave, led by Ethereum (ETH), which has surged 58% over the past 30 days and is now trading near $3,875. This momentum is fueling rallies across altcoins, with Hyperliquid (HYPE) emerging as one of the tokens showing notable upside potential.
HYPE, the DEX token, has extended its rally with a 16% gain so far this month. Beyond price strength, its daily chart is painting a rising wedge formation — a pattern that signals the potential for another major leg upward in the near term.
Rising Wedge Suggests Upside Momentum
On the daily chart, HYPE has been trading within a rising wedge, consistently forming higher highs and higher lows. Recently, a pullback from the wedge’s resistance line — after hitting a fresh all-time high of $49.85 — drove prices down to retest the wedge’s lower boundary near $41.14.
This level aligned with the 50-day moving average, providing strong technical support. From there, HYPE rebounded and is now trading around $44.78.
What’s Next for HYPE?
If the rising wedge pattern continues to play out, HYPE could climb toward the upper boundary of the formation, which aligns with a potential new all-time high around $55.00 — representing an additional 23% upside from current levels.
However, to maintain this bullish structure, HYPE must hold above the wedge’s lower trendline and the 50-day moving average. A decisive breakdown below these levels could invalidate the bullish outlook and open the door for a deeper pullback.
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