Hyperliquid has been the talk of the crypto town for its moonish price rally, which took its price to a new all-time high of $39.93 just a couple of hours ago. As per on-chain data, the rally was fueled by the media buzz around a billion-dollar bet reversal by whale James Wynn.
The current price momentum in Hyperliquid coincides with a notable rise in on-chain activity. As announced by the Hyperliquid team, the open interest has surged to a record high of over $10.1 billion, reflecting a sharp increase in leveraged positions in the market.
Simultaneously, social sentiment has surged significantly, as evident by the metrics from LunarCrush. This surge in online discussions and search interest highlights a growing retail and institutional interest in HYPE’s parabolic movement.
Hyperliquid’s HYPE is presently at $38.02, with a 7.21% increase in the last 24 hours. What’s more fascinating is that it is up 49.8% over the past week, and an eye-popping +112.38% over the past month. This remarkable price growth has pushed its market cap to $12.69 billion, placing it closer to the top 10 cryptos.
Talking about volumes that have come in the past hours, the business in HYPE surged to $496.11 million, a massive 65.69% spike. The interest from both retail and institutional players led to the token soaring to a new all-time high of $39.93.
From a technical standpoint, the current pullback toward the $38 region can be regarded as a healthy consolidation, especially considering the support offered by the 9-period SMA at $37.378. This indicates ongoing bullish control unless the price breaks below the key support at $35.42.
Looking at the brighter side, a successful breach of $44.65, the next resistance level, could act as a launch pad toward the target of $56.70. However, traders should remain cautious of potential volatility as the price approaches overbought levels on multiple timeframes. In such a case, HYPE price could trace back to its support at $35.420.
For long-term targets, check out our Hyperliquid (HYPE) Price Prediction 2025, 2026-2030!
HYPE’s price rally was mainly driven by attention revolving around a reversed billion-dollar position by whale investor James Wynn.
The HYPE coin price today is trading at $38.02, after dropping from its all-time high of $39.93.
The next key resistance is at $44.65. If this level is achieved, the token could target the $56.70 mark.
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