Hyperliquid’s native token, HYPE, is staging a surprisingly strong recovery just hours after the platform recorded one of the largest liquidation events in crypto history.
According to CoinGlass data, a massive $96.5 million BTC-USD perpetual contract liquidation hit Hyperliquid late Monday, part of a broader market washout that wiped out over 164,000 traders and triggered $814 million in total liquidations across exchanges.
Despite the carnage, Hyperliquid price has surged by 6% in the past 24 hours, climbing back above $41 on Tuesday and extending the rebound that began after defending the critical $36.51 support level last week.
Whale Accumulation, Rising OI, and Strengthening On-Chain Metrics
A wave of bullish catalysts is supporting the Hypeliquid price rebound. CryptoQuant data shows increasing whale activity, with large wallets steadily accumulating during recent dips. Exchange outflows have increased, active large addresses are expanding, and the average transaction size continues to rise.
On the derivatives side, sentiment has clearly flipped. Coinglass reports that HYPE’s OI-weighted funding rate turned positive, hitting 0.026%, signaling that long traders are now paying shorts, an indication of bullish conviction.
Open interest has also increased from $1.52B to $1.71B, indicating new capital entering the market and reinforcing upward momentum. Across pairs, HYPE is outperforming majors including BTC, ETH, SOL, and BNB, with analysts noting strong higher-lows structures developing on multiple charts.
This relative strength suggests capital rotation is leaning toward Hyperliquid even as the broader crypto market cools.
Technical Structure Points Hyperliquid Price Breakout Target at $48–$54
From a technical standpoint, the Hyperliquid price is consolidating within a symmetrical triangle, with the price being squeezed between rising support and descending resistance. Each compression cycle has produced higher lows, evidence that buyers are quietly gaining control.
Momentum indicators echo this shift. The RSI has climbed to 48 and is turning upward toward neutral territory, while MACD histogram bars are shrinking, indicating fading bearish pressure.
If the Hyperliquid price breaks above the $40–$41 diagonal resistance, analysts see a clear path toward the $44.48 zone. A confirmed breakout from the symmetrical triangle could then open the door to mid-range targets at $48 and $54, aligning with predictions from multiple market analysts tracking the ongoing consolidation.
With whale accumulation rising, market structure tightening, and community sentiment firmly bullish, HYPE stands out as one of the few assets maintaining coordinated strength during a period of market-wide uncertainty.
Cover image from ChatGPT, HYPEUSD chart from Tradingview
