- Hyperliquid (HYPE) trades above $48.50 after a 26% weekly surge, supported by strong on-chain activity and whale buying.
- Technical indicators suggest a possible rally toward its record high of $59.46 if bullish pressure continues.
Hyperliquid (HYPE) is back in the spotlight, continuing its impressive rally that has left traders watching closely for a potential move toward all-time highs. The token extended its gains on Monday, trading above $48.50 after surging more than 26% over the past week.
Rising On-Chain Activity Signals Strength
On-chain data paints a bullish outlook for Hyperliquid. According to analytics platform Coinglass, open interest (OI) in HYPE futures climbed from $1.27 billion on Wednesday to $1.97 billion by Monday — the highest level since mid-October. Rising open interest typically indicates that new money is flowing into the market, often a precursor to further price gains.
Supporting this view, CryptoQuant data shows strong whale participation, with large buy orders dominating both spot and futures markets. This increased trading activity points to growing investor confidence in HYPE’s upward trajectory.
Adding to the bullish sentiment, Artemis Terminal data reveals that Hyperliquid’s 24-hour chain fees have reached $2 million — surpassing both edgeX and BNB Chain. This surge in network usage underscores rising liquidity and expanding trader engagement on the Hyperliquid network.
Technical Indicators Align for a Potential Breakout
From a technical perspective, HYPE’s price action reinforces the positive sentiment. The token recently broke above a descending trendline that had been in place since September 18 and closed above the 50-day Exponential Moving Average (EMA) at $43.54. It then found support at the same level before rallying nearly 7% on Sunday.
At the time of writing, HYPE trades above $48.57. A decisive close above the key resistance at $51.15 could propel the token toward its record high of $59.46, last seen in mid-September.
The Relative Strength Index (RSI) stands at 61 — well above the neutral zone — suggesting that bullish pressure remains strong. Moreover, the Moving Average Convergence Divergence (MACD) recently flashed a buy signal after a bullish crossover, further reinforcing the possibility of continued gains.
HYPE Eyes New Record
With on-chain metrics strengthening and technical indicators favoring buyers, Hyperliquid appears poised for another leg up. However, traders should watch for potential pullbacks toward the 50-day EMA at $43.54 if the market faces short-term corrections.
If current trends persist, HYPE may not just retest but potentially surpass its previous record, marking a defining moment in its bullish trajectory.
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