Nikolas Sargeant
TL;DR
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Hyperliquid (HYPE) is trading above $66, maintaining its long-term bullish trend.
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Futures Open Interest has climbed 5% in the past 24 hours, signaling growing retail participation.
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Positive funding rates indicate traders continue to favor long positions.
Hyperliquid (HYPE) continued its upward momentum on Friday, trading above $67 as bullish sentiment strengthened across the cryptocurrency market.
The token remains comfortably above its 50-day Exponential Moving Average (EMA) near $60.65, reinforcing its longer-term uptrend. Improving market sentiment, supported by Bitcoin's recovery above $61,000, has encouraged traders to increase exposure to HYPE despite relatively weak institutional participation.
Retail Traders Increase Bullish Bets
Retail interest in Hyperliquid continues to grow, according to derivatives market data. Figures from CoinGlass show Open Interest (OI) in HYPE futures rose approximately 6% over the past 24 hours, reaching $2.70 billion. Rising Open Interest typically indicates that new capital is entering the market and traders are opening fresh positions, often reflecting stronger confidence in the prevailing trend.
Funding rates have also remained positive at around 0.0084%, suggesting that long-position holders are willing to pay a premium to maintain bullish exposure. Positive funding rates generally indicate that market participants expect prices to continue rising.
Together, these metrics point to increasing retail optimism surrounding Hyperliquid.
While retail participation has strengthened, institutional demand has yet to show the same level of enthusiasm.
Data tracking HYPE-focused exchange-traded funds (ETFs) shows relatively modest inflows this week. The funds attracted $2.24 million on Thursday following $2.85 million in inflows the previous day.
These gains come after a $3 million outflow earlier in the week and remain well below the $108 million inflow recorded on June 25.
The subdued ETF activity suggests institutional investors are still taking a cautious approach despite the token's recent price recovery.
Technical Indicators Continue to Favor Bulls
From a technical perspective, Hyperliquid maintains a constructive outlook. HYPE continues to trade above both its 50-day EMA at $60.65 and 200-day EMA at $46.57
Holding above these key moving averages signals that both the medium-term and long-term bullish trends remain intact.
Momentum indicators also show improving conditions. The Relative Strength Index (RSI) sits near 54, indicating balanced momentum with room for further upside before entering overbought territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover above its signal line, suggesting that recent selling pressure may be fading and bullish momentum could strengthen further.
HYPE has surged above an important technical resistance level near the 78.6% Fibonacci retracement at $66.22, measured from the rally between $38.17 and $76.93.
If buyers stay in control, the next upside targets include $76.94 – Previous swing high, and $93.08.
On the downside, immediate support is located at $60.65 (50-day EMA) and $54.19. A sustained move above resistance could reinforce the broader bullish trend, while a break below key support levels may trigger a deeper corrective pullback.
