Key Takeaways
- HYPE experienced a nearly 10% surge, reaching $40 and outperforming all other top 20 cryptocurrencies by market capitalization
- Open Interest surged to $1.67 billion, marking the highest level observed since the beginning of February and indicating new capital inflows
- Funding rates shifted into positive territory at 0.008%, demonstrating that long position holders are compensating short sellers
- The 4-hour RSI indicator stands at 70, approaching overbought levels, while the MACD displays a bullish crossover pattern
- Tokenized assets represented 33% of Hyperliquid’s weekly trading volume, establishing a new platform record
Hyperliquid (HYPE) has climbed to the $40 mark following a substantial gain of approximately 10% during Monday’s trading session. This impressive performance enabled HYPE to surpass Cardano’s ADA, securing its position as the tenth-largest cryptocurrency by market capitalization.
This price surge is supported by robust on-chain metrics and derivatives market data. According to CryptoQuant analytics, significant whale transactions, buy-side pressure, and stabilizing conditions across both spot and futures markets are driving the momentum.
In the derivatives sector, Open Interest (OI) has expanded to $1.67 billion as of Tuesday. This represents the peak level recorded since early February, with consistent growth observed throughout March.
An increase in Open Interest generally indicates fresh capital flowing into the market. This influx of new money may provide additional support for the current upward price trajectory.
Funding rates for Hyperliquid shifted to positive territory on Sunday, climbing to 0.008% by Tuesday. This transition from negative to positive funding rates indicates that traders holding long positions are paying a premium to short sellers — a clear indication of strong bullish sentiment in the market.
Charts Show Bullish Technical Setup
Analyzing the 4-hour timeframe, HYPE successfully breached a critical daily resistance zone at $36.51 last Thursday. The token consolidated near this support level the next day before mounting an approximate 10% advance through Monday’s session.
The Relative Strength Index on the 4-hour chart currently registers at 70, positioning just beneath overbought conditions. Additionally, the MACD indicator has generated a bullish crossover signal, accompanied by expanding green histogram bars that reinforce the positive technical outlook.
Should HYPE maintain its upward momentum, the primary price objective is the psychologically significant $50 level. That said, the October 29 peak of $49.88 could act as resistance due to concentrated sell orders in that price zone.
A temporary retracement remains possible within the overall bullish trend. In such a scenario, initial support would be found at $36.51, with secondary support at $33.60, a level most recently tested on March 10.
Record-Breaking Week for Tokenized Assets
Beyond price movements, tokenized assets comprised 33% of Hyperliquid’s total weekly trading volume. This represents an unprecedented all-time high for this asset category on the platform, based on information from Blockworks.
Tokenized assets currently constitute approximately 21% of total open interest on Hyperliquid. Open interest represents the aggregate value of all active derivative contracts.
The expanding proportion of tokenized assets indicates that an increasing number of traders are maintaining positions in these instruments for extended durations.
Tokenized assets represent conventional financial instruments or tangible real-world assets that have been digitized on blockchain infrastructure, enabling their exchange within decentralized marketplaces.
As of Tuesday’s trading session, HYPE is changing hands at $40, with bullish traders eyeing $50 as the next critical resistance level.
