Binance dominates the trading landscape with a staggering $3.89 billion in daily transactions, marking a dramatic increase of 789.13%. In comparison, Hyperliquid’s exchange has seen a notable $3.06 billion in volume, representing a rise of 738.72%.
The current open interest in the market is at $4.02 billion, indicating robust engagement within the derivatives sector.
This heightened futures activity does carry liquidation risks if the market experiences sudden price reversals.
Positive Trends in Technical Indicators
According to the daily TradingView chart, there’s been a strong rebound from recent lows around $75, with $HYPE successfully reclaiming several significant moving averages.
The latest bullish candlestick reflects a considerable spike in volume, hinting at increasing market participation.
Furthermore, the Relative Strength Index (RSI) has surged toward 65, indicating a strengthening momentum while remaining clear of overbought conditions.
Immediate resistance is identified between $94 and $98, where selling pressure has previously surfaced. A clear breakout above this range could pave the way to the psychologically significant $100 mark. Conversely, a loss of upward momentum might lead to a correction toward $85, with stronger support anticipated around $80.
Will $HYPE‘s Rally Continue?
Although the price performance is impressive, the health of derivatives flows may be less robust than it appears. Data from CoinGlass reveals approximately $32.57 million in liquidations over the past 24 hours, alongside futures net outflows of $50.28 million within a 12-hour span.
The growth in volume, favorable technical indicators, and renewed market interest for $HYPE contribute to a cautiously optimistic outlook.
The critical $94–98 resistance range is essential to monitor, with a confirmed breakout likely influencing $HYPE‘s upcoming directional movement.