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HYPE Summary
Since October, Hyperliquid open interest has exceeded US$13 billion, and HYPE has broken through the main resistance level, touching US$82.50 at one point during trading.
HYPE is trading above the moving average at around US$63.16, US$61.09 and US$58.55 respectively, while the daily RSI is close to 80, indicating that the market is overbought.
If we can hold the support level of US$75 to US$77, it may maintain the breakthrough structure; if we lose, it may increase liquidation pressure and expose the support area of US$60 to US$63 below.
Hyperliquid open interest exceeded US$13 billion, HYPE broke main resistance
Hyperliquid open interest exceeded US$13 billion for the first time since October, reflecting increased derivatives exposure on the platform. HYPE also broke through the main resistance level, touching $82.50 at one point, before falling back to around $79.30.
The combination of price increases and an increase in open interest suggests that traders have increased exposure as HYPE explores higher price levels. Open interest measures the number of open futures contracts that market participants have not yet settled. Therefore, a breakthrough of $13 billion means that more funds have entered leveraged positions in the latest round of price increases. In addition, higher trading volume also supported HYPE's trend of breaking through the previous resistance zone.
HYPE had previously traded between $75 and $77, with sellers repeatedly blocking gains in June and July. In the end, buying cleared this obstacle with stronger market participation and promoted the breakthrough. The token rose from approximately $56 to around $80 within several trading days. As a result, HYPE is currently trading well above several major moving averages near $63.16,$61.09 and $58.55.
HYPE faces important support tests as leverage expands.
Although the structure is bullish, derivatives positions will bring additional risks if market momentum weakens. HYPE's daily Relative Strength Index (RSI) is close to 80, putting the token firmly in overbought territory. Too high an RSI does not guarantee an immediate correction, but if traders start reducing positions when prices fall, large leverage exposure may increase clearing activity.
It is worth noting that the previous resistance range of US$75 to US$77 has now become the first major support test. Holding the area could strengthen the breakthrough structure and help establish $80 as another support level. In addition, if buying continues above $80, psychological thresholds of $85 and $90 may be taken into account. However, losing $75 would weaken the breakout pattern and increase pressure on leveraged positions. A deeper decline could turn attention to the $60 to $63 support cluster. Several major moving averages are also located near the area, making it important at a technical level.
Conclusion
Hyperliquid's $13 billion open interest milestone highlights the considerable derivatives participation behind HYPE's breakthrough. However, high leverage increases liquidation risks, making the support area of $75 to $77 critical to maintaining the current market structure.
