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.