The cryptocurrency Hyperliquid (HYPE) is trading near $30.30, representing a 24-hour gain of 3.45%. Market data indicates the asset is consolidating in a technical pattern that suggests a potential breakout, while futures market activity has declined. Analyst Ali Martinez has indicated the pattern could precede a 25% price movement.
Hyperliquid is currently trading at $30.299, up 3.45% according to data from TradingView. Its daily trading volume stands at approximately $424.8 million with a market capitalization of $7.86 billion.
The asset’s price action is consolidating in a triangle pattern, indicated by market analyst Ali Martinez. This pattern suggests the cryptocurrency is potentially gearing up for a significant breakout.
Futures open interest for HYPE has dropped to $1.34 billion, data from CoinGlass shows. A decline in open interest generally indicates traders are closing positions, which can slow momentum.
The slowdown follows the implementation of the platform’s HIP-3 upgrade. Market focus is now reportedly turning to the upcoming HIP-4 upgrade, which is expected to introduce prediction markets.
Technically, the token has bounced from a support level at $28.15 and is testing key moving averages. Immediate resistance is seen near the $30 level where a descending trendline converges with a key average.
Momentum indicators present a mixed but improving picture as the MACD has moved above its signal line. The RSI is also rising from a level around 48, suggesting selling pressure has eased.
