Hyperliquid (HYPE) traded above $44.00 on Wednesday, extending its rally for a sixth consecutive session as rising derivatives activity and growing platform usage strengthened bullish sentiment around the exchange token.
The latest rally comes as investor confidence gradually returns to the broader crypto market, boosting both leverage exposure and user participation across the Hyperliquid ecosystem.
Hyperliquid sees rising retail demand and platform activity
CoinGlass data show HYPE futures Open Interest (OI) climbed to $1.75 billion on Wednesday from $1.62 billion the previous day, signaling an increase in leveraged positions and fresh capital entering the market.
The sharp rise in Open Interest suggests traders are increasingly positioning for additional upside as bullish momentum accelerates.
At the same time, DeFiLlama data indicate Total Value Locked (TVL) on Hyperliquid increased more than 2% over the last 24 hours to reach $1.556 billion, reflecting stronger inflows into the protocol.
Growing TVL is typically associated with rising user engagement and improving platform fundamentals, as more capital flows into decentralized finance applications built on the ecosystem.
Hyperliquid also continues to rank among the strongest-performing DeFi protocols by revenue generation.
Excluding stablecoin protocols, Hyperliquid currently leads the sector in seven-day revenue with $11.58 million, underscoring sustained trading activity and demand for the platform.
Technical outlook: HYPE targets a breakout above $50
Technically, Hyperliquid maintains a strong bullish structure as price action continues to trade comfortably above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), all of which continue to slope upward and reinforce the broader uptrend.
Momentum indicators also support the bullish outlook. The Moving Average Convergence Divergence (MACD) remains firmly in positive territory on the 4-hour chart, signaling sustained upward momentum, while the Relative Strength Index (RSI) hovers near 74, reflecting an overbought condition.
On the upside, the next key resistance level is the R1 Pivot Point near $45.52. A decisive breakout above this barrier would bring the broader descending trendline resistance near the psychological $50.00 level into focus.
A sustained close above the $50 region could trigger a stronger bullish continuation phase and potentially open the door for a broader medium-term rally.
On the downside, immediate support sits near the rising trendline around $40.00, followed by the 50-day EMA near $39.76.
Additional downside protection is seen at the 100-day EMA around $37.45 and the 200-day EMA near $36.45 if broader market conditions weaken and trigger a deeper correction.
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