A Breakout to $28 Coming Soon?

Hyperliquid’s native token, HYPE, is garnering attention from traders, with strong indicators hinting at a sustained bullish momentum. A steady rise in Open Interest, coupled with significant gains in market cap and trade volumes, underscores growing market activity and investor confidence. Wondering where the HYPE price is heading next? This price analysis will solve all your queries.

Is the Open Interest Fueling HYPE’s Growth?

As evident from the chart by CoinGlass, the Open Interest for HYPE has been on a steady rise, currently standing at $906.76 million. This consistent incline in OI indicates that new money is flowing into the market, hinting at growing trader participation and interest in the altcoin. Moreover, rising OI, particularly alongside increasing price and volume, often suggests that the current bullish trend may continue.

Hyperliquid (HYPE) Price Analysis:

Hyperliquid’s HYPE is currently changing hands at $26.70, up 8.30% in the past 24 hours, and 9.46% over the past week. The 4-hour chart shows a clear uptrend, with price trading well above the 9-period SMA at $25.59. However, traders are advised to take a cautious move, as HYPE is currently in a selling zone.

The recent breakout above $26.50 points to bullish continuation, with resistance at $27.20 and next target near $28.00. Support lies around the $24.50 mark. Market cap rose by 8.59% to $8.92B with a 24-hour volume spike of 27.06%, indicating strong trader interest and volatility.

Read our Hyperliquid (HYPE) Price Prediction 2025, 2026-2030 for long-term price targets!