Hyperliquid's token, HYPE, is trading above $44, marking a sixth consecutive session of gains. The token's rally is fueled by increased derivatives activity and platform usage, reflecting a broader return of investor confidence in the crypto market. CoinGlass data shows HYPE futures Open Interest rose to $1.75 billion, indicating heightened leveraged positions and fresh capital inflows. Additionally, DeFiLlama reports a 2% increase in Total Value Locked (TVL) on Hyperliquid, reaching $1.556 billion, signaling stronger user engagement.
Technically, HYPE maintains a bullish structure, trading above key Exponential Moving Averages (EMAs) and supported by positive momentum indicators. The next resistance level is at $45.52, with a potential breakout targeting the $50 mark. Immediate support is around $40, with further support at the 50-day EMA near $39.76.
HYPE Eyes $50 Breakout as Open Interest and TVL Surge
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