Hyperliquid’s HYPE token defied broader crypto market weakness, rising over 6.5% to $36.91 with a 45% surge in trading volume to $452 million, signaling strong trader interest. Technical analysis indicates the asset is challenging a key resistance level and, if surpassed, could see a 30% upside. While derivatives data shows strong bullish bets and Total Value Locked is increasing, on-chain data reveals the top 100 wallet addresses have been reducing their holdings, suggesting a potential sentiment shift among large investors.
The price of Hyperliquid’s HYPE token increased by more than 6.5% in 24 hours, trading at $36.91. Its trading volume grew by over 45% to $451.98 million during the same period.
Technical analysis suggests HYPE is on the verge of breaking a strong resistance level at $36.50. A daily close above $37 could open the door for a 30% price jump toward $48.
The asset’s Relative Strength Index stood at 67.31, below the overbought zone. The Chaikin Money Flow was at 0.17, signaling steady buying pressure.
Derivatives data from CoinGlass reveals traders have built $20.39 million in long-leveraged positions betting on the $34.90 support level. They also have $7.99 million in short-leveraged positions at the $37.40 level.
Hyperliquid’s Total Value Locked has increased from $4.247 billion to $4.507 billion since the start of March. This indicates growing investor confidence and increased capital inflow into the protocol.
Analytics tool Nansen shows the top 100 wallet addresses have notably reduced their HYPE holdings over the past 24 hours. This signals a possible shift in sentiment among the largest investors.
