Hyperliquid jumps 11%, nears ATH – Can $7B Open Interest push HYPE higher?

Hyperliquid [$HYPE] rose more than 11% to $87.95 after recording three consecutive days of gains. The recovery began after $HYPE rebounded from its 50-day EMA near $74.94.

The token also climbed above its key EMAs and approached its previous all-time high near $89.70.

Meanwhile, whale positioning and rising network activity strengthened the bullish setup. Trader “watershedpath” held a $119.66 million $HYPE long using 5x leverage.

With $HYPE less than 2% below its previous peak, could this momentum finally push the token into price discovery?

Can whale positioning push $HYPE higher?

The whale’s $119.66 million position showed substantial exposure as $HYPE approached its previous all-time high.

Its average entry price stood at $38.68, leaving the position deeply profitable at current prices. That distance signaled continued conviction, although it also introduced a possible profit-taking risk.

The 5x leverage could amplify the position’s returns, but any sharp reversal would increase its liquidation pressure. Therefore, the position strengthened $HYPE’s bullish narrative without removing the risks surrounding a crowded rally.

Is network activity backing $HYPE?

Hyperliquid’s Token Volume climbed to $1.44 billion over the previous 24 hours. Meanwhile, Revenue increased to $1.75 million as activity across the protocol expanded.

Open Interest also reached $7.29 billion, showing that derivatives positioning remained elevated near $HYPE’s previous peak.

Together, rising Token Volume, Revenue and Open Interest supported $HYPE’s price momentum.

However, elevated Open Interest also meant leverage could amplify any rejection from $89.70. A confirmed break above that level could push $HYPE into price discovery.

By contrast, rejection could return attention toward the 20-day EMA at $80.84. The 50-day EMA near $74.94 would provide the next major support if selling deepened.

Final Summary

• $HYPE price rose over 11% to $87.95 after three consecutive daily gains. $HYPE remained less than 2% below its previous all-time high near $89.70.
• Hyperliquid Token Volume reached $1.44 billion as Revenue climbed to $1.75 million.