Hyperliquid posts new ATHs in OI, USDC TVL, and fees as HYPE price takes a breather from the ATH rally

Hyperliquid has reached new all-time highs in key metrics as HYPE price takes a breather from its recent rally to ATH and is likely entering a consolidation phase.

The new ATHs in Hyperliquid’s platform metrics come on the heels of HYPE price also hitting a new ATH of $39.93 yesterday. This marks an 329% surge from its local low of $9.30 on April 9.

The price action leading up to the ATH rally followed a classic double bottom formation that began in early March. The pattern’s neckline, located around $17, was broken on April 19. Since then, HYPE has consistently posted higher highs and higher lows, culminating in yesterday’s ATH.

HYPE price is currently taking a breather, down 2% over the past 24 hours and trading around $37.50. While it’s too early to call the next move, it appears to be entering a consolidation phase because the RSI is deep in the overbought zone at 77.

However, the underlying trend remains strong. The EMA 20 remains above the SMA 50, with the bullish crossover holding since mid-April. Trading volume stands at $358 million, still significant though down 25% over the past day, indicating cooled momentum in the short term.