- HYPE’s weekly performance shows a 5.72% surge.
- An ascending triangle signals a potential bullish breakout.
- The breakout target is near the $60 resistance zone.
Hyperliquid (HYPE) is showing resilience as the broader crypto market trends slightly bearish. Over the last 24 hours, the token has gained 0.69%, while on the weekly chart it surged 5.72%. This surge contrasts with Bitcoin and several major altcoins, which are facing mild declines.
At the time of writing, the token is trading at $45.45. Its 24-hour trading volume has reached $344.84 million, reflecting a 12.33% surge, while the market capitalization stands at $15.13 billion. This consistent demand highlights investor interest in the token even as other digital assets struggle to maintain momentum.
Also Read: Hyperliquid Breakout Incoming, Can Bulls Smash Through to $80?
HYPE Ascending Triangle Signals Bullish Momentum
Market analyst Solberg Invest emphasized that the token may be consolidating before its next move. However, a weak September for Bitcoin could impact the broader sentiment. Despite this caution, HYPE’s technical indicators remain bullish, with the token holding steady near current levels.
The token’s daily chart highlights an ascending triangle, a bullish continuation pattern. Price is consolidating below the $48–$50 resistance, which has repeatedly acted as a ceiling. Rising support levels suggest strong buying, with higher lows showing increased trader confidence.
This pattern is bullish and could lead to a breakout in the weeks to come. If the token can overcome resistance, the first target is around $60. Further upside could send the token to $64, a new record high. However, support around $42–$43 is still important, because a breakdown below here will negate the bullish pattern.
Derivatives Market Signals Growing Interest
The Open Interest (OI) of HYPE has increased 0.61% to $1.99 billion, reflecting stronger participation in the derivatives market. This appreciation, along with consistent trading volume, reaffirms the purchases active in the consolidation process.
The OI-weighted rate is 0.0094%, showing a neutral-to-positive bias. This kind of configuration is indicative of balanced leverage by the traders, and this will sharply reduce the chances of sudden liquidations. Historically, such configurations had generated bullish movements in HYPE, strengthening hopes of a breakout to the $60 level.
If volume keeps increasing along with a breach of resistance, HYPE may validate a subsequent rally, further solidifying its position as one of the stronger assets amidst a prudent market.
Also Read: Hyperliquid’s Explosive $1.1 Billion Revenue Triggers $54 Price Target
