In July 2023, DEX Hyperliquid recorded a significant trading volume of $398 billion, highlighting the growing strength of decentralized platforms amid increased institutional interest.
Liquidity Growth and Institutional Backing
According to TallManCrypto, Hyperliquid recorded a trading volume of $398 billion in July. Open interest reached $1.84 billion, and liquidity levels are now comparable to centralized platforms. This shift reflects growing trust in decentralized trading environments. Institutional interest is also on the rise, with BitGo handling custody and a new exchange-traded product (ETP) set to launch in Europe. These developments indicate a strong infrastructure building under Hyperliquid’s expanding trading ecosystem.
Price Movement Shows Strength
The daily chart for Hyperliquid shows a clear upward trend that started after the March low near $8-$10. Rallies in May and June were supported by rising volume. The price has been trading sideways between $43 and $52, suggesting the market is taking a breather after a strong rally. Currently, it sits at $44.82 with a 4.15% daily gain, indicating that bullish momentum might be picking up again.
Technical Setup Points to Continued Momentum
Hyperliquid is trading at $46.80, down by 0.47% in the last session. Despite this, short-term price action still looks positive. Momentum indicators are trending bullish, with the MACD crossover indicating further upside. The RSI is at 60.89, showing increasing buying interest but still leaving room before overbought levels. Traders are closely watching the $47.50-$48 resistance. If the price breaks through with strong volume, a return to $50 and beyond could follow.
The strong trading volume on Hyperliquid's DEX and institutional backing suggest growing confidence in this platform. Technical indicators also support the potential for further price increases.
