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HYPE coin, the core asset of Hyperliquid’s main network, has captured market attention with a significant increase in trading volume and skyrocketing open interest data. Its price surged to $26.70 in a short span, bolstered by a 27% jump in trading volume and a market capitalization of $8.9 billion, indicating strong support from buyers. Despite a 24-hour increase of 8.3%, technical indicators suggest that momentum towards $28 could continue in the short term. However, investors must manage their risks given the high volatility.
Open Interest Spike Strongly Backs Demand for HYPE Coin
According to CoinGlass, Open Interest has reached $906.76 million. This surge reveals a fresh influx of capital and heightened interest in leveraged trading. The simultaneous rise in open interest and price is a classic signal of strengthened buying expectations for the altcoin. The increase in trading volume further substantiates this scenario. Investors are actively trading HYPE coin, not just opening positions. As long as the price stays above the key support level of $24.50, the likelihood of an upward price movement increases.
Moreover, the 4-hour chart shows the price above the 9-period Simple Moving Average (SMA), hinting at the short-term dominance of buyers. However, in overheated markets, profit-taking can be sharp. The approaching upper zones in the Relative Strength Index (RSI) suggest that quick pullbacks may not be surprising.
Technical Aspects Indicate a Target of $28
If the recent breakout above the $26.50 resistance sustains, targets of $27.20 and $28 are likely to be discussed consecutively. The $27.20 area may serve as the first threshold for short-term traders to take profits. If selling pressure remains weak here, reaching $28 might not be a surprise technically. However, if the price dips below the safe zone of $24.50, the previous low at $23.30 could be tested.
The parallel growth in market capitalization and volume remains one of the most vivid indicators supporting the trend. Particularly, the rise in volume alongside price shows genuine buyer interest rather than hollow moves. However, for the $28 target to become a lasting upper band, it will be closely related to the fundamental news flow for the altcoin and the general sentiment in the cryptocurrency market.
