Key Takeaways
- HYPE has dropped over 22% from its all-time high as Aster captured $25.7 billion in DEX volume.
- Development activity around the Hyperliquid project has slowed, reinforcing bearish sentiment.
- With a channel breakdown, bearish MACD crossover, and weak CMF, HYPE risks sliding to $35.
The price of hyperliquid (HYPE) is struggling to break above $50, facing clear resistance. Meanwhile, rival Aster has surged, pulling in $11 billion more in DEX volume.
To add to the pressure, ASTER’s token price just hit a new all-time high, while HYPE continues to starve of liquidity.
This analysis from CCN explores whether Aster’s rise could spell the downfall of HYPE—or if Hyperliquid still has a chance to fight back.
Hyperliquid Lags Behind
Six days ago, Hyperliquid’s price reached a new all-time high of $59.39. Since then, the coin’s value has plunged more than 22.61%, partly by Aster’s emergence.
The impact isn’t limited to HYPE’s price — it’s rippling across the entire Hyperliquid ecosystem.
According to DeFiLlama, total perpetual DEX volume over the past 24 hours surpassed $52 billion. Out of that, Aster captured $25.77 billion, dwarfing competitors.
By comparison, Hyperliquid managed just $10.09 billion. This widening gap highlights traders migrating toward Aster for liquidity and execution.
If this trend persists, it could further weaken demand for HYPE, making it harder for the altcoin to reclaim recent highs.
In short, Aster’s dominance is directly eroding Hyperliquid’s market share, and by extension, applying downward pressure on HYPE’s price.
- Aster vs. Hyperliquid DEX Volume | Credit: DeFiLlama
Development Activity Drops
From an on-chain perspective, Hyperliquid’s challenges go beyond just trading volume. Development activity around the project has noticeably dropped, signaling that progress on upgrades, features, or ecosystem expansion has slowed.
In crypto markets, development activity serves as a proxy for long-term confidence and innovation. When it falls, it can weaken investor trust and reduce the narrative strength needed to attract capital.
For Hyperliquid’s price, this slowdown suggests that Aster’s momentum is pulling traders away.
If this trend continues, HYPE risks being viewed as a stagnating project, which could amplify selling pressure and limit near-term recovery.
HYPE Price Analysis: Lower
On the daily chart, HYPE had been trading within an ascending channel since April. But recently, the altcoin broke below the lower trendline, losing a key support level that had held for months.
At the same time, the Chaikin Money Flow (CMF) is hovering near the zero line, reflecting indecision in capital inflows. Meanwhile, the MACD has flipped into a bearish crossover, signaling momentum has shifted toward the bears.
If these signals persist, Hyperliquid’s price could slide to $40.32. And if Aster continues to absorb more liquidity from the perpetual DEX market, the token may sink even further, potentially dropping below $35.
On the flip side, a surge in buying pressure could flip the outlook. If the MACD forms a bullish crossover again, the trend may reverse, paving the way for HYPE to rally back toward $60 and reclaim lost ground.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
