- HYPE price surged 5.29% to $40.82 with whale activity signaling potential rally.
- Positive funding rates and rising open interest suggest continued bullish momentum for HYPE.
- Lower-timeframe pattern shows strength, signaling further upside toward $42–$45 for HYPE.
Hyperliquid’s (HYPE) token has seen a notable 5.29% increase in price over the past 24 hours, trading at $40.82. This surge is part of a broader positive movement that has seen HYPE climb above the $40 mark, defying the weakness observed across many parts of the broader cryptocurrency market. The price rebound is supported by favorable on-chain and derivatives data, which point to growing bullish sentiment.
Whale Activity and Derivatives Data Support Positive Outlook
The rise in HYPE’s price is partly attributed to increasing whale activity. CryptoQuant’s data indicates large orders in both the spot and futures markets, a common signal of an impending rally. Whale accumulation is often seen as a precursor to price increases, as these large investors typically lead market trends.
Further supporting this bullish trend is the positive shift in Coinglass’s OI-Weighted Funding Rate. As of Tuesday, the funding rate stands at 0.026%, showing that long positions are paying short positions.
This flip from a negative to a positive rate has historically been followed by sharp price increases for HYPE. With more traders betting on a price rise, the overall market sentiment appears to favor further gains.
Rising Open Interest and Technical Resistance Levels
Another sign of growing bullish sentiment is the rise in HYPE’s futures open interest (OI). As of Tuesday, HYPE’s OI at exchanges has climbed to $1.71 billion, up from $1.52 billion on November 12.
A steady increase in open interest suggests that new money is entering the market, fueling the current price rally. This influx of capital is expected to support HYPE’s upward momentum.
In terms of technical analysis, key resistance levels are identified at $43.96, $50.97, and $59.46. These levels could act as potential barriers to further price gains.
On the downside, support zones are seen near $38.58 and $32.00, which could provide a cushion in the event of a pullback. Analysts suggest that, depending on price action, HYPE may either continue its upward push or move toward the lower support levels by December.
Lower-Timeframe Structure Signals Strength for HYPE
On lower timeframes, HYPE is forming a rounded-bottom pattern, a typical signal of strength after a period of consolidation. The token has been holding within the $35–$38 accumulation band, and the relative strength index (RSI) is showing an upward trend. This suggests that demand is building after an extended period of price stability.
Volume has remained steady during this basing formation, further supporting the idea that selling pressure is waning. If this pattern completes, HYPE could see a further push toward the $42–$45 range, where the next supply zone lies. Traders will closely monitor this development for signs of sustained bullish momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
