TLDR
- Hyperliquid (HYPE) is trading at $39.41, just 1.5% below its all-time high of $39.96
- Open Interest reached a new all-time high of $1.69 billion, indicating fresh capital entering the market
- Total Value Locked hit a record $1.97 billion, showing growing ecosystem activity
- Technical analysis points to a potential breakout target of $46.35, representing 24% upside
- Price has recovered 16% since Saturday with bullish momentum indicators supporting further gains
Hyperliquid price is approaching its all-time high of $39.96 while trading at $39.41 on Tuesday. The decentralized perpetual trading platform token has gained 16% since Saturday.
The recovery comes as multiple technical indicators suggest further upside potential. Price action shows HYPE forming an ascending triangle pattern with higher lows building pressure against resistance.
On-chain metrics support the bullish case for HYPE. Open Interest in futures contracts reached a new all-time high of $1.69 billion on Tuesday, up from $1.42 billion on Saturday.
This increase in Open Interest represents new money entering the market. Fresh capital typically fuels continued price rallies in cryptocurrency markets.
Total Value Locked on the Hyperliquid network also hit a record high of $1.97 billion. The TVL growth indicates more users are depositing assets into HYPE-based protocols.
Growing ecosystem activity often correlates with price appreciation. The increased usage suggests organic demand for the platform’s services.
Technical Analysis Points Higher
The daily chart shows HYPE forming a textbook ascending triangle pattern. This formation typically resolves with an upward breakout when resistance is cleared.
The measured move from the triangle base projects a target near $46.35. This level represents the 141.40% Fibonacci extension from December’s high of $35.51 to April’s low of $9.32.
Current price action shows clean higher lows forming. Each bounce off support has come with increasing volume, strengthening the upward bias.
The Relative Strength Index reads 68 on the daily timeframe. This level sits above the neutral 50 mark but below the overbought threshold of 70.
Moving Average Convergence Divergence is approaching a bullish crossover on the daily chart. This technical signal typically indicates the start of an upward trend.
Market Structure Remains Healthy
Funding rates on HYPE perpetual contracts remain neutral to slightly positive. This suggests balanced positioning without signs of overheating in the derivatives market.
Liquidation levels appear relatively clean across major exchanges. The absence of large liquidation clusters reduces the risk of sudden forced selling.
Capital flows show money rotating from other blockchain networks into HyperEVM. This migration pattern suggests investors are seeking exposure to newer narratives.
The shift represents a move away from established chains toward emerging opportunities. Such rotations often precede sustained price movements.
Analysts compare HYPE’s potential to established tokens like Cardano. If Hyperliquid matched Cardano’s current market cap, HYPE would trade at $72.87.
This comparison highlights the growth potential if adoption continues. The calculation assumes similar market valuations between the two projects.
Current momentum indicators remain positive across multiple timeframes. The combination of technical patterns and on-chain data supports continued upward movement.
Key resistance sits at the previous all-time high of $39.96. A break above this level could trigger the move toward $46.35.
Support levels include the Saturday low of $33.01 if any correction occurs. This level represents the most recent significant low during the current rally.
HYPE’s price action shows institutional-level interest with large spot purchases reported. These transactions suggest conviction beyond retail speculation.
The token has outperformed while broader markets wait for catalysts. This relative strength often indicates underlying fundamental improvements.
Current price stands at $39.41 with Open Interest at record highs and TVL continuing to grow across the Hyperliquid ecosystem.
