What to know:
- HYPE derivatives activity is rising, with open interest up 2.26% to $1.59B and volume at $1.10B.
- RSI at 56 shows improving buyer strength, but $41.76 remains a major resistance barrier.
- Analysts note a bullish wedge, with upside targets at $41.30 and $48 if momentum continues.
Hyperliquid (HYPE) is moving in a positive price trajectory following the changing conditions in the crypto market. According to CoinMarketCap, as of Friday, May 1, HYPE is currently trading at $40.89, with a 24-hour trading volume of $240.12 million and a market capitalization of $10.42 billion. Its price has surged by 4.23% over the last 24 hours but remains stable over the last week.
Source: CoinMarketCap
Also Read: Hyperliquid Launches on Trust Wallet With 0% Fees Offer
HYPE Derivatives Reveal Growing Optimism
According to Coinglass, open interest rose 2.26% to $1.59 billion, while volume increased 4.55% to $1.10 billion, indicating stronger trading activity and growing participation across derivatives markets with improving liquidity, higher engagement, and sustained market momentum.
Source: Coinglass
The OI weighted rate stood at 0.0038%, reflecting balanced funding conditions and neutral leverage dynamics across derivatives markets, suggesting stable positioning behavior with limited directional bias.
Source: Coinglass
HYPE Will SUrge to $41 If Momentum Strengthens
Furthermore, the crypto analyst Chiefrat highlighted that HYPE is entering a critical technical zone where price action is tightening, showing bullish divergence alongside a wedge formation. Momentum indicators suggest weakening downside pressure while consolidation continues.
The $39.00 support level has become the key battleground, with market participants closely watching whether buyers can defend this area and maintain structural stability.
Source: Chiefrat’s X Post
In case the $39.00 resistance holds firm, the $HYPE might find buyers near $41.30 and eventually climb to $48.
On the flip side, if the price falls below the mentioned level, then the bullish pattern will be considered invalid, and the possibility of a further decline may be on the cards.
Technical Indicators Point to Improving Momentum
According to TradingView, HYPE is in a bearish correction phase, which is now stabilizing into a consolidation trend. Having declined from the level of $45.00, the coin established support near the level of $38.80.
At the current level of $40.93, the coin is now oscillating around the short-term moving averages even as it battles the resistance from the 200 SMA level of $41.76.
Source: TradingView
The technical indicators suggest an emerging pulse of recovery, given that the RSI moves up to 56.05. The rise out of oversold levels indicates increasing buyers’ confidence in the short run.
However, for a clear change of trend, a clear breakout above the resistance level of $41.76 will be needed. Until then, the price action is expected to range between $39.00 and $42.00.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: HYPE Whale Sells $22M Tokens, Adds $32M Leveraged Short
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