- Hyperliquid’s price climbed to its highest level in over a month, briefly touching $38.08.
- HYPE gains have been supported by rising trading activity, with open interest jumping above $1.56 billion.
- Daily technical indicators point to a likely bullish continuation.
The Hyperliquid token surged to a five-week high above $38 on Thursday as renewed buying momentum strengthened the bullish move toward a potential new all-time high.
Although HYPE eased slightly from its intraday peak by the time of writing, the token was still up 17% over the past week and roughly 48% year-to-date.
The rally coincided with a sharp uptick in trading activity: 24-hour volume jumped 43% to more than $464 million.
HYPE gained traction as Bitcoin held near the $70,000 level and major altcoins neared important technical thresholds.
What’s driving the HYPE price up?
Bitcoin’s rally above $70,000 following the latest CPI release helped lift sentiment across the crypto market, even amid rising geopolitical tensions.
Strength among leading altcoins also supported momentum for smaller tokens such as Hyperliquid.
HYPE appears especially well positioned for a breakout as trading in energy-related markets intensifies amid the escalating U.S.–Israel conflict with Iran.
Data from Coinglass shows Hyperliquid’s open interest climbed from $1.18 billion to more than $1.56 billion, a roughly 32% increase between March 6 and March 12, 2026.
A large portion of this activity appears driven by traders taking futures positions as oil prices surged. Crude briefly approached $120 per barrel before retreating.
Even after the pullback, oil remains above $100 as disruptions to the Strait of Hormuz continue to affect a major shipping route, with Iranian leaders indicating the waterway should remain closed.
Under these conditions, trading activity on Hyperliquid has accelerated, with futures volume reportedly near $2.2 billion over a recent 24-hour window.
Concurrently, the platform’s stablecoin market capitalization increased by nearly 3% to approximately $4.76 billion.
Hyperliquid price: Is a new ATH next?
HYPE is trading at its highest level since February 3, 2026.
This price zone was last tested in November 2025, when bullish momentum weakened and the token failed to hold support.
The current retest raises the question of whether Hyperliquid is setting up for a renewed push toward a new all-time high. If momentum persists, bulls may target that milestone in the near term.
Notably, investor Arthur Hayes has offered a more aggressive projection, suggesting HYPE could reach $150 by August 2026 if platform growth and token buyback dynamics accelerate as expected.
HYPE price short-term technical outlook
On the daily chart, Hyperliquid has formed a golden cross, with the 50-day SMA crossing above the 100-day SMA — a technical signal that often indicates strengthening bullish momentum.
The token recently broke out of an ascending triangle, a pattern commonly associated with trend continuation to the upside.
The daily RSI remains above 66, signaling healthy buying momentum while still leaving room before reaching overbought levels.
The MACD histogram has expanded after a bullish crossover, reinforcing the positive near-term outlook.
From a technical perspective, initial resistance sits in the $38–$42 range, followed by a stronger barrier around $48–$50.
A decisive daily close above $38 could clear the path to those levels, with the all-time high above $59 becoming a potential target if bullish momentum accelerates.
On the downside, a market-wide pullback would likely find initial support near $33.
A deeper correction could push the 50-day SMA toward $30 and bring the 100-day SMA near $28 into focus as key demand zones.