- HYPE consolidates near $39.06, trading between $37.55 support and $40.35 resistance.
- Open interest rises to $1.75B and volume to $1.31B, hinting at growing market engagement.
- RSI at 51.51 and cooling sentiment at 0.02 reflect a wait-and-see approach before the next big move.
Hyperliquid (HYPE) currently trades around the $40, consolidating while on-chain and derivatives indicators are indicating a potential breakout. While there are slight price changes, growing open interest and trading volume are confirming greater investor interest. HYPE currently trades at $39.06, marking a 2.81% increase in the past 24 hours.
Price Consolidation Signals Breakout Setup
HYPE is ranging tightly on the 4-hour chart. Bollinger Bands have strong support at $37.55 and resistance at $40.35, and current price is near the middle band at $38.96. Such compression of price in the bands almost always comes right before sharp directional moves.
In addition, technical indicators are neutral. The Relative Strength Index (RSI) is 51.51, indicating that market dynamics are balanced. Meanwhile, the MACD line (0.047) is slightly above that of the signal line (-0.072), but that low histogram value of -0.119 indicates there isn’t a strong trend.
Open Interest and Volume See Uptrend
Although price action is flat, derivatives action keeps accumulating. Specifically, open interest has jumped to $1.75 billion, which indicates that more and more traders are initiating new futures positions. Concurrently, trading volume has touched $1.31 billion, which highlights continued participation and increasing liquidity in the HYPE marketplace.
This steady rise in both open interest and volume is often seen during consolidation phases, as market participants prepare for a breakout in either direction.
Also Read: Hyperliquid’s $1.7M Daily Fees Surpass Solana and Ethereum’s Totals
Sentiment Cools After Strong Bullish Wave
Examining OI-weighted sentiment, there exists a robust bullish wave that occurred in late May and early June. Sentiment had touched a high of 0.09 on June 1, which indicates forceful long positioning that existed then. But when price stabilized, sentiment has progressively toned down.
Right now, sentiment has evened out between 0.01 and 0.03, and currently floats around 0.02, right in sync with the spot price at $38.74. This leveling indicates that investors are cautiously optimistic, but holding back on overexposure until there’s a definitive breakup trigger.
However, the HYPE token remains steadfast below a psychological barrier, but rising open interest, strong volume, and historically bullish sentiment imply that a larger movement is in the making. A rise above $40.35 can mobilize bullish stocks, but failure at $37.55 can trigger bearish pressure.
With the crypto market looking towards its next big movement, HYPE is positioned for more volatility in the forthcoming days.
Also Read: HYPE Coin Skyrockets to $39.20, Kinetiq Launch and Whale Moves Ignite Market