Hyperliquid (HYPE), a decentralized perpetual trading platform and Layer 1 blockchain, is trading close to its all-time high of $39.96, currently around $39.41.
Recent data shows rising Open Interest (OI) and Total Value Locked (TVL), signaling strong market interest and activity. Analysts predict the price could soon reach $46.35.
According to Coinglass, HYPE’s futures open interest climbed from $1.42 billion on Saturday to a new peak of $1.69 billion on Tuesday. This rise indicates fresh capital entering the market, fueling buying pressure.
Meanwhile, DefiLlama reports HYPE’s TVL hit a record $1.97 billion, reflecting growing user engagement and asset deposits within the Hyperliquid ecosystem.
Since Saturday, HYPE’s price has surged over 16%, closing near $38.80 on Monday and continuing upward on Tuesday. Technical analysis using the 141.40% Fibonacci extension suggests a target near $46.35, based on the December high of $35.51 and April low of $9.32.
The Relative Strength Index (RSI) stands at 68, indicating strong bullish momentum but nearing overbought territory, which could lead to a short-term pullback. The Moving Average Convergence Divergence (MACD) is close to a bullish crossover, which would confirm an upward trend.
If the rally falters, HYPE could see a correction toward support near $33.01, the recent low from Saturday.
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