HYPE Surge? TVL Soars! 🚀 But Wait, There's a Catch... 🤨

Right, so Hyperliquid [HYPE], or as I like to call it, the thingamajig that’s been making waves, has apparently experienced a 9.5% surge in the last 24 hours. Yes, you read that right. Surge. Like a dodgy electrical outlet. But, and there’s always a but, isn’t there? According to the latest CryptoQuant data, the HYPE Spot Volume Bubble Map (sounds like something out of a Terry Gilliam film, doesn’t it?) suggests that volumes are, shall we say, “cooling off.” 🥶

Now, this inconsistency, this blatant disregard for narrative consistency, suggests that the underlying bullish power – whatever that is – might still be lurking about. Like a particularly stubborn gremlin in the system, even if the buying momentum is weakening marginally at the surface. Marginally, I say! As if that makes it any less suspicious.

Spot Volumes, you see, usually indicate immediate buying and selling interest. A decline in this figure after a price increase sometimes signals the loss of retail demand. The horror! The sheer, unadulterated panic! 😱

Hyperliquid Spot Volume Bubble Map

However, in HYPE’s case, other figures (figures? Are we talking about numbers or particularly shapely garden gnomes?) indicate the rally may still have legs. Like a three-legged dog determined to win the race. 🤔

TVL hits new highs as positive sentiment prevails

One of the positive signals – yes, there are positive signals, apparently – is HYPE’s Total Value Locked (TVL), which gained over 4% to hit $1.073 billion in the last 24 hours, as reported by DefiLlama at press time. Because llamas always know what’s up. 🦙

An increasing TVL generally reflects greater capital inflows into the network, either in staking, lending, or DeFi activities, reflecting investor confidence. Or possibly just mass hysteria. It’s hard to tell these days. 🤷

At the same time, the Long/Short Ratio remains skewed towards longs, suggesting that most traders are positioning for more upside. Because everyone loves a good gamble, right? 🎰

When paired with a rising TVL, this ratio becomes a more reliable sign of sustained interest. Or a sign that everyone’s drinking the same Kool-Aid. Again, hard to tell. 🍹

HYPE is still bullish on the daily charts

From a technical standpoint, Hyperliquid (HYPE) has been in a constant bullish channel on its daily chart since its reversal in early April. A bullish channel, you say? Sounds like a documentary about cows in a hurry. 🐄

The token not only has maintained gains but also has continuously been printing higher lows and higher highs – traditional signs of a robust uptrend. Robust, I tell you! Like a particularly well-fed badger. 🦡

The most recent daily surge is part of this broader bullish trend, suggesting that the rally is not in a vacuum. In fact, it is likely part of a broader momentum scenario. If HYPE keeps going this way, the next key resistance levels will likely become active in the near future. Buckle up, buttercups! 🚀

Of course, softening Spot Volume could mean short-term turbulence. Like a particularly bumpy airplane ride. ✈️ But TVL growth and a long-heavy Long/Short Ratio argue otherwise. Or maybe they’re just really, really good at arguing. 🤔

If momentum holds and support levels stay intact, HYPE may extend its rally and revisit higher targets in the near term. Or it might just spontaneously combust. Who knows? It’s crypto! 🤷‍♂️

2025-05-17 12:12

HYPE Surge? TVL Soars! 🚀 But Wait, There’s a Catch… 🤨

TVL hits new highs as positive sentiment prevails

HYPE is still bullish on the daily charts

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