What Fueled Hyperliquid (HYPE) Price’s 65% Rally And What’s Next?
Hyperliquid (HYPE) surged 65% driven by increased derivatives trading, but overbought indicators suggest a potential correction is imminent.Summary
Hyperliquid (HYPE) recently achieved a 65% rally, hitting a near two-month high of $34.5, fueled by a significant surge in derivatives activity. Open Interest rose sharply by 43% (from $1.21B to $1.73B), indicating new long positions, with positive funding rates confirming bullish sentiment among traders willing to pay a premium.
However, momentum indicators signal caution as the Relative Strength Index (RSI) entered overbought territory above 70.0, historically preceding pullbacks for HYPE as early buyers take profits.
Currently, HYPE is testing a critical inflection zone near $34.5. A successful defense of $35.3 could lead to a near-term target of $42.4, but failure to hold above $30.8 risks a broader correction down toward $26.8, invalidating the current bullish structure.
(Source：BeInCrypto)