Nikolas Sargeant
TL;DR
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Hyperliquid (HYPE) has slightly retraced after hitting a new all-time high of $62.58 following a strong five-day rally.
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The market sentiment remains highly bullish, with futures open interest surging to $2.75B, and funding rates stayed positive.
Price Cools After Fresh All-Time High
Hyperliquid (HYPE) edged lower on Friday after a five-day rally that pushed the token to a new record high of $62.58 on Thursday.
Despite the pullback, sentiment across retail and derivatives markets remains strongly bullish, with leverage and trading activity continuing to climb.
Futures activity on Hyperliquid has surged to new highs as traders pile into the rally. Data from CoinGlass shows HYPE open interest (OI) at $2.75 billion on Friday, up sharply from $1.56 billion at the start of May. This move also breaks the previous peak of $2.59 billion recorded in September.
The spike in OI suggests aggressive leverage positioning, with traders increasingly betting on continued upside.
At the same time, the OI-weighted funding rate remains positive at 0.011%, indicating long positions are still dominant in the market.
While this is lower than the recent peak of 0.027%, it still reflects sustained demand for bullish exposure, even as the market trades at elevated levels.
HYPE Technical Outlook: Bulls Target Higher Levels
At press time, HYPE trades around $59.54, maintaining a strong bullish structure despite the short-term pullback.
The token remains well above the 50-day EMA at $43.10, and the 200-day EMA at $37.18
The key resistance level sits at $62, the current all-time high price. A daily close above this level would confirm a breakout into price discovery.
The Relative Strength Index (RSI) is currently at 75, indicating overbought conditions and increasing the likelihood of a short-term consolidation or pullback.
However, the Moving Average Convergence Divergence (MACD) remains positive and above its signal line, suggesting that bullish momentum is still intact for now.
If the bears regain control, traders would be watching several key support zones at $53 and $51 to determine demand zones.
Hyperliquid remains in a strong bullish trend, but elevated leverage, overbought conditions, and rapid open interest expansion suggest volatility may increase in the near term.
