Perp trading has crossed one trillion in volume this year. Activity is high and more people are trading than before. But the price of HYPE is still falling even though the network is holding a strong place in the market. This looks confusing at first so here is the full picture in simple words.
The perp market is now packed with many new platforms. Trading volume keeps growing but the picture is not the same as the start of the year. Many traders are trying new places for their daily trades. Still HYPE holds the biggest share in this space. It has the most users and the highest open interest. HYPE is still the number one network in this part of crypto.
Even with this strong position the token price is not rising. HYPE has dropped over the past week. The chart shows the price staying below all main moving levels. Each small push up has failed. The RSI is also sitting in a low range. This shows a weak mood across the market.
The fall in price does not match the activity on the network. People are still using the platform. Open interest stays near one point two eight billion to one point two nine billion. This means traders are not leaving. They are still holding positions. Funding rates also stay slightly positive which shows a small lean toward long interest. The market is active and liquid. Nothing looks weak on the user side.
Because of this the price move looks like a mood issue and not a power issue. Traders might be unsure right now. They might be waiting for a strong signal before they buy again. This hesitation can push the price down for a short time. But it does not show a long term fall yet.
There was also a big update earlier. HYPE finished its merger with Sonnet. This opened the door for access to public markets in the United States. It also created one of the biggest crypto treasuries in this space. Before this the token also saw a large bid worth two hundred sixty five million. That move pushed the price up for a short time before it hit a wall near thirty five dollars. After that the price slipped again. Still the merger and the DAT activity give HYPE a stronger base for future support.
Right now HYPE has a dip in price but the network is still strong. Traders are active. Liquidity is fine. Open interest is stable. Nothing shows a drop in trust. It looks more like a pause in confidence. Many dips in crypto come from a slow mood and not from real weakness. If DAT activity stays strong the downside may stay limited.
In the big picture passing one trillion in perp volume shows that this part of crypto is alive and strong. HYPE still holds the lead. The price pullback may get fixed once the mood turns better.
