Hyperliquid Price Reclaims $50: Can Stablecoin Buzz & Rising OI, Propel HYPE to Fresh All-Time Highs?

Hyperliquid (HYPE) has reclaimed the crucial $50 level, sparking renewed excitement across the crypto market. Traders are closely watching whether this momentum can propel the token to a new all-time high (ATH) within the next 24 hours. With rising trading volume, bullish technical setups, and ecosystem growth—particularly the buzz around its upcoming $USDH stablecoin—market sentiment remains optimistic. However, HYPE price is still trading just below its recent ATH of around $51, making the next few sessions critical in determining whether the rally can break resistance and mark fresh highs.

Is Paxos’s USDH Proposal Pushing the HYPE Price Rally?

The competition to launch USDH, Hyperliquid’s upcoming native stablecoin, has intensified as Paxos steps forward with a bold proposal aimed at blending regulatory strength with ecosystem growth. Paxos, already a key player in the stablecoin market through partnerships with PayPal and Venmo, has pitched a “Hyperliquid-first” USDH designed to meet compliance standards under both U.S. (GENIUS Act) and European MiCA regulations.

Under the proposal, 95% of the yield generated from USDH reserves would be used to buy back HYPE tokens, directly redistributing value across users, validators, and partner protocols. The proposal arrives at a critical moment, as Hyperliquid seeks to diversify beyond its heavy reliance on USDC. On the other hand, Frax Finance has also proposed a yield-sharing model that directs 100% of earnings back to users, while Agora, backed by MoonPay, has pledged to share all net revenues with the ecosystem, including HYPE buybacks and funding safety nets. 

With multiple strong contenders, Hyperliquid’s validator vote is set for September 14, which will decide which model best aligns with community and governance policies. If Paxos secures the mandate, Hyperliquid could bridge deeper into the world of regulated finance, offering a stablecoin that balances institutional legitimacy, community incentives, and DeFi-native growth. 

Will the HYPE Price Make it to a New ATH This Week?

The HYPE OI has been rising since the start of Q3, and as the rally is approaching the end, the levels are back above $2 billion. The open interest refers to the total number of outstanding futures or contracts in the market. It is a measure of the amount of money invested in derivatives at a given time. The levels have marked a new ATH on Binance, reaching over $181 million, which is the highest of all. 

Will this push the HYPE price to new highs?

The above chart shows the price is reaching the end of the consolidation phase, as the token is trying to break the final barrier ahead of the ATH. After rebounding from the support at around $42, the price rose to the resistance zone between $49 and $50.66. Although the token has reclaimed $50, it is yet to break the zone that could trigger the possibility of a new ATH. Besides, RSI is repeating the previous pattern wherein it is slowly ascending to the overbought zone. 

Considering all the technicals and the chart patterns, it appears that the Hyperliquid (HYPE) price could eventually form a new ATH around $52.16, the ascending trend line. This could result in massive selling pressure, causing the price to fall back below $50, possibly even below $45 for a while. However, when the rally tests the support, the rebound may be determined by buying pressure as well as the strength of the bulls.