Key Highlights
- HYPE climbed approximately 10% to reach $40, emerging as the top gainer among the leading 20 cryptocurrencies by market capitalization
- Open Interest surged to $1.67 billion, marking the highest level observed since the beginning of February and indicating new market participation
- Funding rates shifted into positive territory at 0.008%, demonstrating that long position holders are compensating short sellers
- The 4-hour chart RSI stands at 70, approaching overbought levels, while the MACD displays a bullish signal with a positive crossover
- Tokenized assets represented 33% of the platform’s weekly trading activity, establishing a new record for Hyperliquid
Hyperliquid (HYPE) has reached the $40 price point following a nearly 10% gain recorded on Monday. This upward movement allowed HYPE to overtake Cardano’s ADA, securing its position as the 10th-largest digital asset by total market capitalization.
This price surge is supported by robust on-chain metrics and derivatives market indicators. According to CryptoQuant analytics, significant whale transaction activity, buyer-dominated order flow, and stabilizing conditions across both spot and futures markets are driving the momentum.
In the derivatives market, Open Interest (OI) climbed to $1.67 billion as of Tuesday. This represents the peak level recorded since early February, with steady growth observed throughout March.
An increasing OI figure generally indicates fresh capital flowing into the market. This influx of new investment could provide additional support for the current upward price trajectory.
Funding rates on Hyperliquid also transitioned to positive territory on Sunday, climbing to 0.008% by Tuesday. This shift from negative to positive funding rates indicates that traders holding long positions are paying a premium to short sellers — a clear indication of bullish sentiment and demand.
Chart Analysis Suggests Continued Upside
Examining the 4-hour timeframe, HYPE successfully breached a critical resistance barrier at $36.51 last Thursday. The token consolidated near this level the next day before rallying approximately 10% through Monday’s trading session.
The 4-hour RSI currently registers at 70, positioning just beneath overbought conditions. Additionally, the MACD indicator has generated a bullish crossover signal, accompanied by expanding green histogram bars that reinforce the positive technical outlook.
Should HYPE maintain its upward trajectory, the psychological $50 mark emerges as the primary target. That said, the October 29 peak of $49.88 could act as a resistance zone due to accumulated sell orders in that price range.
A temporary retracement remains possible even within the broader uptrend. In such a scenario, initial support can be found at $36.51, with secondary support positioned at $33.60, a level last tested on March 10.
Tokenized Assets Reach Milestone Trading Volume Share
Beyond price movements, tokenized assets captured 33% of Hyperliquid’s total weekly trading volume. This marks an unprecedented share for this asset category on the platform, based on data compiled by Blockworks.
Tokenized assets currently comprise approximately 21% of total open interest on Hyperliquid. Open interest represents the aggregate value of all active derivative contracts.
The expanding proportion of tokenized assets indicates that an increasing number of traders are maintaining extended positions in these instruments.
Tokenized assets represent traditional financial products or tangible real-world assets that have been digitized and issued on blockchain infrastructure, enabling them to be exchanged within decentralized trading environments.
As of Tuesday’s trading, HYPE is priced at $40 with bullish traders eyeing $50 as the next significant milestone.
