Headline: Hyperliquid Holds Above $42 — Retail Buzz Fades While Leveraged Bets Rise Hyperliquid (HYPE) was trading above $42 on Monday, maintaining an upward trajectory along an ascending trendline. While the token’s technical picture remains constructive, the market shows a split personality: retail excitement is cooling even as leveraged traders appear to be piling in. Retail momentum eases On-chain sentiment metrics point to a clear drop in retail attention. Santiment data shows HYPE’s social dominance has plunged to 0.137% from 0.688% at the peak of the US–Iran tensions in late March. That decline suggests the geopolitical narrative that once drove speculative interest has largely faded, removing a key retail catalyst. Derivatives activity heats up Meanwhile, derivatives markets tell a different story. CoinGlass reports HYPE futures open interest (OI) rose roughly 3% in 24 hours to about $1.65 billion, indicating more outstanding leveraged positions. Funding rates are positive at 0.0077%, meaning longs are paying shorts — a sign that leveraged bullish conviction has persisted through the past month even as spot-driven retail enthusiasm softens. Technical setup: bullish but watch the wedge The 4-hour chart shows HYPE consolidating inside a rising wedge while trading above both its 50-day EMA ($38.98) and 200-day EMA ($34.90), supporting a bullish structural bias. Momentum indicators are constructive but not overheated: RSI sits at 56, and the MACD is moving toward a bullish crossover, suggesting downside pressure is easing. Key technical levels and scenarios - Immediate resistance: $43.71, which caps the current recovery and lines up with the upper wedge boundary near $46.80. A decisive break above this zone could accelerate the rally. - Near-term support: ascending trendline around $41.21 — a breakdown here would likely expose the 50-day EMA at $38.98. - Deeper support: 200-day EMA at $34.90 if selling intensifies. Bottom line Hyperliquid’s chart remains constructive while HYPE holds above $40, but the market’s next move may hinge on who wins the tug-of-war: expanding momentum that draws retail back in, or cooling interest that leaves price action driven mainly by leveraged positions. Traders should watch social metrics, open interest, funding rates and the wedge boundaries for clues on the token’s next directional push. Read more AI-generated news on: undefined/news