Karla Barker 
Hyperliquid overtakes Stellar in market capitalization rankings
Hyperliquid’s HYPE token has pushed past Stellar’s XLM in market cap, reaching about $6.9 billion compared to Stellar’s roughly $6.78 billion according to CoinCodex rankings. This shift happened while HYPE was trading around $22.5 with approximately $125 million in 24-hour trading volume.
The token’s circulating supply stands near 302.07 million, while both total and maximum supply are listed at 961.67 million. That puts the fully diluted valuation somewhere around $21.8 billion, which is quite substantial when you think about it.
Meanwhile, Stellar continues trading near $0.208 with about $79.8 million in daily volume. Its circulating supply sits at roughly 32.42 billion XLM, with a maximum supply near 50.0 billion. So despite the ranking change, the two projects remain relatively close in valuation.
Technical rebound from key support level
What caught traders’ attention was a technical development that followed the market cap milestone. An X user named OliverSuccess_ shared a TradingView chart showing HYPE rebounding sharply from a low of $20.50. The token quickly recovered to around $23.30 after that selloff.
The chart frames this move as a return to a previously established consolidation zone. This zone has a range low in the low $22 area and a range high near the upper $28 area. Price had been chopping within that range for weeks before the recent breakdown and subsequent snapback.
What the chart patterns suggest
OliverSuccess_ pointed out what he called a 3-day bullish divergence during the downswing. This basically means momentum was weakening even as price printed lower lows. In his view, that divergence combined with the quick reclaim of the range suggests sellers lost control near the lows.
After the rebound, the chart’s drawn path indicates a potential pullback toward the range low could serve as the next decision point. From there, any attempt to move toward the top of the range would need to overcome the uneven candle patterns still visible within the consolidation zone.
It’s interesting to see how these technical developments coincide with the market cap milestone. The quick recovery from $20.50 does suggest some underlying strength, though I think it’s too early to draw firm conclusions. Markets can be unpredictable, and what looks like a strong rebound one day might just be temporary relief.
The fact that HYPE managed to overtake Stellar, even if by a relatively small margin, shows how quickly rankings can shift in this space. Stellar has been around for years with established infrastructure, while Hyperliquid represents a newer generation of projects. Perhaps this signals changing investor preferences, or maybe it’s just temporary market dynamics at play.
Either way, the combination of fundamental ranking changes and technical pattern developments makes this situation worth watching. The next few days should provide more clarity about whether HYPE can maintain its position above the range support it just reclaimed.