Hyperliquid (HYPE) Price: Whales Are Buying and Open Interest Is Surging — Here’s What to Watch

TLDR

• HYPE rose nearly 10% to trade at $40, making it the best performer among the top 20 cryptos by market cap
• Open Interest climbed to $1.67 billion, the highest since early February, signaling fresh capital entering the market
• Funding rates turned positive and rose to 0.008%, showing long positions are paying shorts
• The RSI sits at 70 on the 4-hour chart, near overbought territory, and the MACD shows a bullish crossover
• Tokenized assets made up 33% of weekly trading volume on Hyperliquid, a new all-time high for the platform

Hyperliquid (HYPE) is trading at $40 after gaining nearly 10% on Monday. The move pushed HYPE past Cardano’s ADA to become the 10th-largest cryptocurrency by market cap.

The rally is backed by strong on-chain and derivatives data. CryptoQuant data shows large whale orders, buy-side dominance, and cooling conditions in both spot and futures markets.

On the derivatives side, Open Interest (OI) rose to $1.67 billion on Tuesday. That is the highest level since early February and has been climbing steadily since the start of March.

Rising OI typically means new money is entering the market. This fresh capital could help support the ongoing price move.

Hyperliquid’s funding rates also flipped positive on Sunday and reached 0.008% on Tuesday. When funding rates rise from negative to positive, it means long traders are paying short traders a premium — a sign of strong bullish demand.

Technical Picture Points Higher

On the 4-hour chart, HYPE broke above a daily resistance level at $36.51 last Thursday. It found support near that level the following day before gaining around 10% through Monday.

The RSI on the 4-hour chart sits at 70, just below overbought territory. The MACD has also formed a bullish crossover, with rising green histogram bars adding to the positive setup.

If HYPE continues higher, the key target is the $50 psychological level. However, the October 29 high of $49.88 may present resistance due to a concentration of sell orders in that area.

A short-term pullback is possible within the broader uptrend. If that happens, the first support level to watch is $36.51, followed by $33.60, which was last tested on March 10.

Tokenized Assets Hit Record Share of Volume

Away from price action, tokenized assets accounted for 33% of total weekly trading volume on Hyperliquid. That is a new all-time high share for this asset class on the platform, according to data from Blockworks.

Tokenized assets also make up around 21% of total open interest on Hyperliquid. Open interest reflects the total value of outstanding derivative contracts.

The growing share of tokenized assets suggests more traders are holding positions in these products for longer periods.

Tokenized assets are traditional financial instruments or real-world assets that have been issued on a blockchain, allowing them to be traded in decentralized markets.

As of Tuesday, HYPE is trading at $40 with bulls targeting $50 as the next key level.

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