HYPE poised for new all-time high of $48 amid bullish momentum

HYPE (CRYPTO:HYPE) is on track to potentially reach a new all-time high of $48, driven by strong market indicators and a bullish flag pattern.

Currently, HYPE is trading within this bullish flag formation, suggesting a possible breakout toward the $50 mark.

In the past 24 hours, Hyperliquid (HYPE) has experienced a notable price swing of 14.67%, reclaiming the $26 range after a brief decline earlier in January.

The market's upward momentum is further supported by rising Total Value Locked (TVL), which reflects increasing investor confidence and liquidity in the ecosystem.

As HYPE enters the final phase of its bullish flag pattern, a rally followed by consolidation is underway, setting the stage for a potential price surge.

Since its launch, HYPE has surged by 257.03%, followed by a period of consolidation within defined support and resistance levels.

If the current trend continues, HYPE could mirror its initial rally, climbing another 113.8% to approximately $48.3.

Key technical indicators are also showing bullish signs.

The Relative Strength Index (RSI) has returned to the positive region above 50 for the first time since January 13, indicating increased buying pressure.

Additionally, the Moving Average Convergence Divergence (MACD) has formed a golden cross, suggesting strengthening upward momentum for HYPE.

On-chain metrics further confirm improving sentiment, with TVL rising to $1.795 billion from a low of $1.559 billion just days prior.

If these trends persist, HYPE may continue to experience upward momentum as market sentiment improves.

However, analysts caution that if HYPE fails to establish higher highs and higher lows, it could revert to its previous consolidation phase.

At the time of reporting, the Hyperliquid (HYPE) price was $22.60.