Hyperliquid (HYPE) Eyes Breakout After 83% Monthly Surge: Will Bulls Push Past $40 Next?

• Hyperliquid (HYPE) has surged over 83% in the last 30 days, rising from around $19 to a monthly high near $39.
• Anticipation of HYPE’s upcoming spot trading on Binance US has pushed Open Interest to an all-time high, fueling bullish momentum.

Hyperliquid (HYPE) is starting to catch serious attention in the crypto market, standing out with a powerful upward move while many altcoins continue to trade sideways. With over $1 billion currently staked in the project and a growing bullish sentiment, HYPE seems to be entering a breakout phase in this cycle.

The token has had an impressive run over the past month. At the start of the month, HYPE was trading near $19. Since then, it has more than doubled, soaring by over 83% and touching a monthly high close to $39. This bullish momentum comes amid a strong wave of interest in the project’s ecosystem, especially its derivatives platform.

Currently, the price has slightly retraced and is hovering around $36.85. Despite the dip, HYPE still holds a strong market position with a capitalization of $12.35 billion. Daily trading volume has seen a decrease of around 17.5%, now standing at $290.85 million, but overall investor sentiment remains positive.

One of the main drivers behind this recent price surge appears to be the rising anticipation in the derivatives market. Open Interest (OI) has hit an all-time high following Binance US’s announcement that it will soon support spot trading for HYPE. This development has fueled optimism across the board, suggesting there could be more upside ahead.

Technical Indicators Point to Continued Strength for HYPE

From a technical standpoint, HYPE continues to show strength. On the 4-hour chart, the token bounced from key Fibonacci support at $32.93 and is now consolidating around the $36.90 mark. It is currently testing resistance at the 0.236 Fibonacci level near $37.05. A successful push above this point could open the door for a retest of the recent high at $40.74.

Key indicators are leaning bullish as well. The Relative Strength Index (RSI) is comfortably sitting around 60, signaling healthy momentum without being overbought. The MACD has shown a mild bullish crossover and Bollinger Bands are widening—indicating that volatility is back and could support further price movement. The BB Power Trend, which tracks market strength, has started showing green bars again, pointing to a shift back toward buying pressure.

However, the road ahead isn’t without resistance. For HYPE to continue its upward trend, the token must break decisively above the $38–$38.50 resistance zone. This level has acted as a ceiling recently and only a strong breakout will confirm the continuation of the bull trend. Failure to do so might result in a pullback, with key support levels sitting at $35.16 and $32.93.

Overall, Hyperliquid is showing all the right signs of being one of this cycle’s standout performers. If the bulls manage to break above the current resistance levels, the next target could be a new all-time high above $40. With strong fundamentals, growing hype and technical signals lining up, HYPE may just be getting started.