HYPE Ready to Rip? Double Bottom Eyes $48 Target

Hyperliquid (HYPE) is trading at around $34, with daily volume at $480 million. The token is up 9% over the past 24 hours, while posting a slight drop over the last seven days.

After testing the $30–$33 support zone again this week, the price bounced and is now moving toward resistance around $36.

Support Zone Holds as Price Attempts a Reversal

HYPE has tested the same support area several times since June. Each time, the price held, and short-term buyers stepped in. The current chart shows two recent lows near this range, suggesting a double-bottom pattern may be forming.

CryptoPulse noted,

If the pattern plays out, a break above the $36–$38 resistance area would be needed. That level acted as a barrier in previous rallies. If cleared, the next targets could be $40 and $50 in the coming weeks.

Interestingly, the MACD line has crossed above the signal line. The MACD reading is 0.098, while the signal line sits at -1.87. The histogram is now positive, showing early signs of momentum shifting.

The RSI is at 45 and rising above its own moving average of around 40. While still below 50, this shows improving short-term momentum. Neither indicator shows strong trends yet, but both reflect a change from recent weakness.

Futures Traders Return as Open Interest Rises

Futures open interest has increased to $1.57 billion after falling sharply in late November. This shows that more traders are opening positions as the price begins to recover. A rise in both price and open interest often signals growing market participation.

Earlier periods with similar setups led to short-term rallies. But in past cases, quick jumps in open interest without follow-through in price have also caused liquidations. Current conditions suggest traders are positioning for a possible breakout, while watching for price confirmation.

Meanwhile, Hyperliquid Strategies is expected to begin trading on Nasdaq under the ticker $PURR. The fund will hold 12.6 million HYPE tokens and $300 million in cash reserves. It will operate as a treasury reserve tied to the Hyperliquid ecosystem.

Hyperliquid Daily reported,

The move follows approval of a merger with Nasdaq-listed Sonnet, potentially creating a $1 billion digital asset treasury.

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