Hyperliquid (HYPE) is currently trading at approximately $34, with a daily trading volume of $480 million. The token has seen a 9% increase over the last 24 hours, although it has experienced a slight decline over the past seven days.
Following a retest of the $30–$33 support zone this week, the price has bounced and is now approaching resistance levels around $36.
Support Zone Holds as Price Attempts a Reversal
HYPE has repeatedly tested the same support area since June. In each instance, the price has held, leading to short-term buying interest. The current chart indicates two recent lows within this range, suggesting the formation of a potential double-bottom pattern.
CryptoPulse noted the significance of this level:
“This level has acted as a strong bounce area multiple times — and if price holds here, we could be looking at a potential double-bottom reversal pattern forming.”
For this pattern to materialize, a decisive break above the $36–$38 resistance area would be necessary. This zone has previously acted as a significant barrier to upward price movement. If successfully cleared, potential targets for the coming weeks could be $40 and $50.
Technical indicators show promising signs. The MACD line has crossed above its signal line, with the MACD reading at 0.098 and the signal line at -1.87. The positive histogram indicates an early shift in momentum.
The Relative Strength Index (RSI) is currently at 45 and is trending upward, surpassing its moving average of approximately 40. Although still below the 50 mark, this suggests improving short-term momentum. While neither indicator exhibits strong trends yet, both reflect a positive change from recent weakness.
Futures Traders Return as Open Interest Rises
Futures open interest has seen an increase to $1.57 billion, following a sharp decline in late November. This rise indicates that more traders are opening new positions as the price begins to recover. An increase in both price and open interest is often a strong signal of growing market participation.
Historically, similar setups have preceded short-term rallies. However, in past instances, rapid increases in open interest without corresponding price follow-through have also led to liquidations. Current market conditions suggest traders are positioning for a potential breakout, while closely monitoring price action for confirmation.
In related news, Hyperliquid Strategies is anticipated to commence trading on Nasdaq under the ticker $PURR. This fund is slated to hold 12.6 million HYPE tokens and maintain $300 million in cash reserves. It will function as a treasury reserve directly linked to the Hyperliquid ecosystem.
Hyperliquid Daily reported on this development:
“Hyperliquid Strategies will operate as a HYPE token treasury reserve, holding approximately 12.6 million $HYPE tokens and $300 million in cash.”
This strategic move follows the approval of a merger with Nasdaq-listed Sonnet, a development that could potentially establish a $1 billion digital asset treasury.