Hyperliquid coin price down 24% from ATH: can influx of Solana users turn the tables?

Hyperliquid coin price has declined by 24% from its all-time high of $49.75 set in mid-July amid a broader crypto market slump. The token now trades around $37.65, struggling to hold key support levels. However, despite the Hyperliquid price drop, a surge in revenue, user migration from Solana, and strengthening fundamentals are fueling renewed speculation of a potential breakout. Could the arrival of high-value users from other chains like Solana ignite a comeback for HYPE? Weak market sentiment HYPE’s recent performance reflects growing pressure in the crypto markets. Over the past few weeks, the Hyperliquid coin price lost 17% of its value, falling below the crucial $40 psychological support. At one point in early August, it touched $34, a level that traders are now eyeing closely as a possible bottom. This decline comes as part of a larger market retreat. In July alone, Hyperliquid’s trading volume dropped by 44%, while Bitcoin price slipped 5% to close the month near $114,000. Altcoins like Dogecoin (DOGE) and XRP also saw notable declines, amplifying fears of systemic fragility as the total crypto market capitalisation fell to $3.69 trillion, underscoring a shift in sentiment. Inflow of Solana users into Hyperliquid signals a competitive shift Despite the bearish chart action, Hyperliquid appears to be gaining ground where it matters most: user adoption. In a recent report by VanEck , analysts confirmed that Hyperliquid accounted for 35% of all blockchain revenue in July. Much of this growth came at the expense of Solana, Ethereum, and BNB Chain, whose users have increasingly migrated to Hyperliquid’s more stable and performant derivatives platform. VanEck’s digital assets research head Matthew Sigel pointed out that Solana’s technical delays and inconsistent reliability left a gap in the market. Hyperliquid capitalised on this with a streamlined, high-functioning product, especially in the area of perpetual futures trading. With Phantom Wallet integration adding $2.66 billion in volume and over 20,000 new users in July alone, the platform is quickly becoming a serious player in on-chain derivatives. Notably, while the HYPE token price has cooled off, Hyperliquid’s underlying fundamentals continue to heat up as the platform reached a major milestone of $1.1 billion in annualised revenue, growing 40% month-over-month in July. This growth has helped lift the market cap-to-revenue ratio back to 11.2x, rebounding from a low of 7.2x in April. Compared to traditional fintech players like Robinhood (23.4x) or crypto peers like Scroll (42.6x), Hyperliquid still appears undervalued. Some analysts believe that if the market begins to properly price in this growth, HYPE could see renewed upward momentum. Hyperliquid coin price technical bounce offers hope Technically, HYPE traders are watching the $34–$38 zone as a critical inflection point. Although some analysts like Alejandro₿TC foresee the beginning of a further HYPE price drop, others like Crypto Anbu expect a bounce back at around $34, potentially to its previous all-time high. Looking at the chart, the level between $32 and $34 has acted as a launchpad for strong assets during consolidations. Crypto Anbu @CryptoAnbu_ · Follow Here’s my plan for $HYPE :I’m waiting patiently for a dip back to its previous ATH.The sweet spot is around $34, which sits between the 0.768 and 0.886 fibonacci.Cut it if we get a daily close below the box. Simple as that. 1:51 pm · 5 Aug 2025 6 Reply Copy link Read 3 replies With volume ticking up and support holding for now, some analysts see the current phase as accumulation. If Hyperliquid coin price confirms with a strong daily close above $38, it could set the stage for a new leg higher. Short-term targets include reclaiming the $49.75 all-time high, while more aggressive forecasts envision a path toward $100 and even $260–$300 in the longer run. In the long term, with traders still wary after July’s pullback, confidence hinges on whether Hyperliquid can maintain momentum in both user growth and product execution. If it does, the recent influx of disillusioned Solana users might not only stabilise the Hyperliquid coin price but also lay the foundation for its next breakout. The post Hyperliquid coin price down 24% from ATH: can influx of Solana users turn the tables? appeared first on Invezz

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