- Hyperliquid continues to rally as bullish on-chain and derivatives data support strong buying pressure.
- If Strength holds, HYPE could move toward the $50 resistance, with $40 as key support.
Hyperliquid continues to climb after gaining more than 8% in the previous session. The coin is now trading above $44.
This move comes after it broke past its recent March high near $43.75. Buyers remain in control as momentum builds.
Bullish on-chain data strengthens market confidence
On-chain data from platforms like CryptoQuant points to improving market conditions. Spot and futures markets show clear buy-side dominance.
Most indicators remain neutral, but conditions suggest room for further upside.
Derivatives data from CoinGlass also supports the bullish view. Open interest in Hyperliquid futures has climbed to about $1.95 billion.
This is a sharp rise from earlier levels near $1.5 billion. Rising open interest often signals fresh capital entering the market.
The long-to-short ratio stands above 1. This shows more traders are positioning for further gains.
Overall sentiment in derivatives remains tilted toward buyers.
Technical outlook points toward a $50 target
Technical indicators continue to support the upward trend. The Relative Strength Index is near 69, showing strong buying pressure.
The MACD indicator also remains in bullish crossover territory after turning positive earlier in April.
If the trend continues, Hyperliquid could move toward the next major resistance near $50.15.
This level matches the October high and acts as a key upside target.
Key support level to watch
If selling pressure returns, the price could see a short-term pullback. The first strong support level is located near $40, where buying interest may reappear. This level remains important for keeping the overall bullish structure intact and preventing a deeper correction.
Hyperliquid remains in a strong short-term uptrend as rising derivatives activity and steady buying interest continue to support the current price movement. If this strength persists and the price breaks above key resistance levels, it could open the path toward the $50 zone in the near term.
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