Hyperliquid (HYPE) Price Rises Over 26% in One Week
Hyperliquid (HYPE) is trading above $48.50 as of Monday. The token gained more than 26% last week. On-chain data shows signs of further growth. Open interest is rising, whale activity is increasing, and chain fees have surpassed major networks like edgeX and BNB Chain. Technical analysis suggests HYPE might retest or exceed its previous high soon.
Derivatives and Chain Data Indicate Bullish Trend for HYPE
- Futures open interest on Hyperliquid rose from $1.27 billion on Wednesday to $1.97 billion on Monday.
- This is the highest level since October 11 and shows new money entering the market.
- Rising open interest usually signals buying pressure, which could boost HYPE’s price.
- CryptoQuant data reveals large whale orders and strong buy dominance in spot and futures markets.
- Artemis Terminal reports $2 million in 24-hour chain fee collection for Hyperliquid, higher than edgeX and BNB Chain.
- Increased fees suggest growing trader interest and improved liquidity on the HYPE network.
Price Outlook: Bulls Target Record Highs
On Saturday, HYPE broke above a descending trendline established since September 18. It also closed above the 50-day Exponential Moving Average (EMA) at $43.54. The price found support near this EMA on Sunday and rose about 7% that day.
As of Monday, HYPE trades above $48.57. If it breaks daily resistance at $51.15, the price could move toward the record high of $59.46 from September 18.
The Relative Strength Index (RSI) is at 61, showing bullish momentum. The Moving Average Convergence Divergence (MACD) gave a bullish crossover signal last week, supporting this positive outlook.
However, if the price corrects, HYPE could drop back to the 50-day EMA near $43.54.
