HYPE retraces slightly after all-time high, but OI surge and bullish sentiment keep eyes locked on a new target | Credit: Hameem Sarwar
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Key Takeaways
HYPE’s price action suggests consolidation, not reversal, following a modest 3.91% pullback from its peak.
On-chain indicators like the weighted sentiment and open interest support continued bullish positioning.
If support holds at $45.47, the next breakout could send HYPE to $65+, while failure may bring it down to $40.
As CCN previously projected, Hyperliquid (HYPE) has surged to a new all-time high of $49.86 on July 14. This happened as the coin rallied 28.97% over the past seven days.
While the price has since pulled back around 4%, the move appears to be a healthy cooldown rather than the start of a deeper correction.
Unlike previous reversals that triggered longer slumps, this dip looks more like consolidation and could be setting the stage for another push higher.
Hyperliquid Lines Up Again for Uptrend
Our findings show that the Hyperliquid price could not break $50 after Bitcoin’s price failed to extend toward $125,000. However, the cryptocurrency’s on-chain and technical setup show that the uptrend is not over.
According to Santiment, HYPE’s social dominance has spiked to 2.28%, the highest this year. This spike indicates a rise in online discussions and engagement around the token compared to others in the top 100.
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Typically, rising social dominance correlates with heightened market attention and retail interest, which can amplify short-term price moves.
In HYPE’s case, this trend adds another bullish layer to the narrative, suggesting that bullish momentum may continue to build.
If this holds, it could translate into fresh capital inflows. As a result, HYPE’s price may not only reclaim $49.86 but also push toward higher values.
Besides the rise in social dominance, on-chain analysis reveals that the Weighted Sentiment has spiked. This spike in the metric indicates a surge in bullish comments around the altcoin and much lower bearish remarks.
If sustained, this could drive higher demand, rallying the Hyperliquid price toward $60. In the meantime, Coinglass data shows that its Open Interest (OI) has reached a new record high of $2.19 billion.
This milestone indicates an influx of capital into derivatives markets, suggesting that traders are increasingly positioning for further volatility — and potentially more upside.
Rising OI, especially when paired with substantial spot volume, is bullish for the price. Therefore, if this speculative interest sustains, HYPE’s price could be in line for further price upswing
HYPE Price Analysis: Bulls Guard the Floor
From a technical perspective, the daily chart shows HYPE’s price will likely drop to the demand zone at $45.47. However, the position of the Chaikin Money Flow (CMF) and Supertrend reveals that bulls might defend the region and pull the altcoin.
Specifically, the CMF has held above the zero signal line, indicating stable buying pressure. The green line of the Supertrend is also below HYPE’s price, indicating strong support for the uptrend.
If this remains the same, HYPE’s price might rally to $65.69 at the 1.618 Fibonacci level, marking a new all-time high. On the contrary, if the Hyperliquid price fails to hold above $45.47, this prediction might not happen.
In such a scenario, the market value might decline to $40.11. If selling pressure gets intense, it might slide to $34.08.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
