Hyperliquid bulls aim for the $25 mark as open interest reaches a new all-time high

• Hyperliquid price trades around $21.20 on Wednesday after rebounding nearly 6% so far this week.
• CoinGlass data shows $HYPE open interest reaches a new all-time high of $697 million, suggesting a bullish outlook.
• Ethena launches $USDe stablecoin on Hyperliquid, bringing the Dollar-pegged asset to a fast DeFi and derivatives hub.

Hyperliquid ($HYPE), the decentralized perpetual trading platform and Layer 1 blockchain, edges higher and trades around $21.20 at the time of writing on Wednesday after rebounding nearly 6% so far this week. CoinGlass data shows $HYPE Open Interest (OI) reaches a new all-time high of $697 million, suggesting a bullish outlook. Moreover, Ethena Labs launched $USDe stablecoin on Hyperliquid on Monday, bringing the Dollar-pegged asset to a fast Decentralized Finance (DeFi) and derivatives hub.

Hyperliquid Open Interest reaches new all-time high

Coinglass’ data shows that the futures’ OI in $HYPE at exchanges rose from $622 million on Monday to $676.03 million on Wednesday, a new all-time high. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current rally in the Hyperliquid’s price.

$HYPE Open Interest chart. Source: Coinglass">

$HYPE Open Interest chart. Source: Coinglass

Ethena Labs announced on Monday that it has launched $USDe stablecoin on Hyperliquid’s exchange and HyperEVM blockchain. This will enable users to hold a Dollar-pegged asset in a high-speed DeFi ecosystem known for derivatives trading.

The integration of $USDe into Hyperliquid’s ecosystem will benefit its native token $HYPE as it increases ecosystem utility and adoption, boosts trading volume, attracts stablecoin liquidity, and signals growth through DeFi integrations and partnerships.

Hyperliquid’s technical outlook suggests 17% gains ahead

Hyperliquid’s price found a cushion around its daily support level at $19.24 on Tuesday and recovered slightly. This level roughly coincides with the 50% Fibonacci retracement (drawn from the February 14 high of $28.53 to the April 7 low of $9.28) at $18.90. At the time of writing on Wednesday, $HYPE trades slightly above at around $21.23.

If $HYPE continues its upward momentum, it could extend the rally by 17% from its current level to its psychological importance level of $25.

The Relative Strength Index (RSI) on the daily chart reads 66, above its neutral level of 50, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also showed a bullish crossover, indicating a continuation of the upward trend.

$HYPE/$USDT daily chart">

$HYPE/$USDT daily chart

However, if $HYPE fails to find support around the daily level of $19.24 and closes below it, it could extend the decline to retest its April 28 low of $16.90