HYPE Surges 8.30% in 24 Hours, Open Interest Hits $906.76M

Hyperliquid’s native token, HYPE, has been attracting significant attention from traders, with various indicators suggesting a sustained bullish momentum. The Open Interest for HYPE has been on a steady rise, currently standing at $906.76 million. This consistent increase in Open Interest indicates that new capital is flowing into the market, suggesting growing trader participation and interest in the altcoin. Rising Open Interest, especially when accompanied by increasing price and volume, often implies that the current bullish trend may continue.

Hyperliquid’s HYPE is currently trading at $26.70, marking an 8.30% increase in the past 24 hours and a 9.46% rise over the past week. The 4-hour chart shows a clear uptrend, with the price trading well above the 9-period Simple Moving Average (SMA) at $25.59. However, traders are advised to proceed with caution, as HYPE is currently in a selling zone.

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

According to the analyst's forecast, the recent surge above the resistance level at $26.50, combined with the price trading above key moving averages, suggests that HYPE is in a bullish trend. The growing Open Interest further supports this bullish outlook, as it indicates that new money is entering the asset, which is often a sign of increasing trader participation.