Hyperliquid (HYPE) is trading around 25 USD at the time of writing on Monday, thus maintaining an increase of about 3% compared to the previous session. This perpetual futures exchange has recorded short-term recovery signals regarding the number of active users, although the total fees collected during the week have decreased to the lowest level since the beginning of the month. In the derivatives market, data shows a return of retail money, reflected in the increase in the number of open positions on HYPE futures contracts, while the funding rate leans positively, reflecting investors' expectations of price increases.
However, the technical picture of Hyperliquid is still not really clear. Selling pressure is showing signs of weakening, but the price recovery may face many important resistance zones in the short term.
The interest of individual investors is increasing alongside user recovery
Data from Artemis shows that the number of active users has surged to 13,800 on Friday, compared to 9,100 on 6/12. This development indicates signs of short-term recovery, although still within the context of a prolonged downtrend. In a scenario where the cryptocurrency market in general stabilizes soon, this recovery could be reinforced, thereby promoting sustainable growth in user numbers and demand for the Hyperliquid platform.
Conversely, data from DeFiLlama shows that the total transaction fees generated in the past week only reached 16.11 million USD — the lowest weekly figure since the beginning of December. This figure reflects that, although user activity shows signs of improvement, the market's risk appetite is still quite cautious, resulting in generated fees not being commensurate.
Notably, in the derivatives market, the interest of individual investors in the HYPE token is significantly increasing. According to CoinGlass, the open interest (OI) of HYPE futures contracts has risen to 1.42 billion USD, up 4.86% in just 24 hours. At the same time, the funding rate remains at a positive 0.0073%, indicating that bulls are dominating, as traders are willing to pay fees to maintain long positions, reflecting more optimistic expectations in the short term.
Hyperliquid recovers as selling pressure weakens
Hyperliquid (HYPE) is maintaining trading around the threshold of 25 USD at the time of writing on Monday, indicating a sideways accumulation after a continuous decline lasting 5 sessions last week. Currently, the nearest resistance zone is identified at the Pivot S1 level around 26.03 USD, above which is the resistance trend line connecting two peaks formed on 30/10 and 4/12, corresponding to the area of 28.00 USD.
In a positive scenario, if HYPE decisively breaks above the 28 USD threshold, the upward momentum may extend towards the 50-day exponential moving average (EMA) at 32.36 USD – a significant technical level that can serve as a medium-term trend check.
Technical signals on the daily time frame are showing a clear weakening of selling pressure. The RSI is currently at 37 and is trending upwards, reflecting that prices are gradually escaping the oversold zone. This development suggests that the previous selling pressure is showing signs of depletion, thereby opening up the possibility of forming a short-term recovery.
At the same time, the MACD line is approaching the signal line, implying the possibility of a bullish crossover in the near future. If confirmed, this will be a signal reinforcing the improvement of trend momentum.
On the contrary, in the event that selling pressure returns, HYPE may retreat to the important support zone ranging from the low on 10/10 to the Pivot S2 point, corresponding to the price range of 20.82 – 20.15 USD, where it is expected to activate defensive buying pressure.