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The price of the cryptocurrency HYPE has rebounded strongly after finding support near the $28 mark, with bulls taking control of its recent price action. On-chain data shows a sharp drop in transaction fees to around $2 million, which may encourage more trading activity. Analysts note a significant liquidity cluster valued at approximately $1.32 million near $37.20, which could attract price movement if the current bullish momentum continues.
The **HYPE** token posted strong daily gains after buyers decisively stepped in to defend its ascending trendline support near $28. At press time, the bullish price structure remained intact, suggesting a continuation of its recent run.
The $28 zone has historically acted as a clear line of defence against further price dips. The price rebound at the point of demand around $28 suggested that long position takers were active along the rising support.
Technical indicators further supported the bullish case, as the Stochastic RSI was bouncing from an oversold zone. Usually, when ascending trendlines hold during pullbacks, it is often a sign of continuation not breakdown.
Recent on-chain data from Messari shows HYPE’s transaction fees have dropped sharply lately. This lower cost of acquiring the token could project a surge in trading activity and instill more market volatility.
Above the current price level sits a notable liquidity cluster worth approximately $1.32 million at around $37.20, as highlighted by data from Coinglass. When volatility expands, the price often gravitates towards these zones.
A move toward the $37.20 level would not only test this liquidity but also confirm strength above the recent support defence. For now, bulls hold the edge, though a follow-through buying phase remains critical for continued momentum.
