Hyperliquid is gaining momentum as stronger network activity and renewed buying interest push $HYPE toward its recent highs. The token has gained nearly 50% during August, highlighting a sharp improvement in market sentiment. Moreover, Hyperliquid continues expanding its position within the onchain derivatives sector.
The platform generated $419 million in fee revenue during the first half of 2026. Daily active users also jumped 90%, while trading volume reached $1.29 trillion.
Significantly, Hyperliquid now controls 54.5% of the onchain perpetuals market. That share exceeds the combined position of every other onchain platform.
$HYPE Momentum Strengthens
$HYPE recently broke above the $60-$62 region and accelerated toward the $76 area. The four-hour chart continues to show higher highs and higher lows.
Additionally, price remains comfortably above every major exponential moving average. The 20 EMA stands at $68.02, while the 50 EMA sits at $62.92. Meanwhile, the 100 EMA and 200 EMA remain near $60.07 and $59.31.
This alignment confirms strong underlying momentum across the short and medium-term trend. However, $HYPE now faces substantial resistance between $76 and $76.87. A decisive four-hour close above that region could attract fresh momentum from traders. Consequently, the next upside targets could emerge around $78 and $80.
The $74-$75 area now represents an important short-term battleground. Holding above this zone would preserve the recent breakout structure.
Conversely, sellers could attempt to push $HYPE toward $71.62 during a deeper pullback. The $70.61 Donchian level also provides an important test for bullish momentum.
Rising Leverage Adds Fuel
Open interest provides another important signal behind $HYPE’s recent advance. Total open interest has climbed from approximately $1.5 billion in May to above $3 billion. It reached nearly $3.5 billion during early June before experiencing a period of cooling.
As of August 21, open interest stands near $3.23 billion. $HYPE trades around $73.74, suggesting traders continue adding leveraged exposure during the rally. Besides supporting participation, rising open interest can amplify price movements in either direction.
Hence, traders should monitor whether open interest remains above $3 billion. Sustained positioning could reinforce confidence in the current uptrend. However, excessive leverage could trigger rapid liquidations if $HYPE suddenly loses support.
Capital Flows Support the Rally
Spot market flows have also improved after several periods of heavy selling pressure. Large outflows emerged during late May and early June as $HYPE suffered a sharp decline. However, capital flows improved during June and strengthened again during the latest price surge.
On August 21, $HYPE recorded approximately $19.25 million in net inflows. That movement coincided with the price climbing toward $74.06. Significantly, the inflow suggests stronger spot demand is supporting the derivatives-driven rally.
Moreover, Hyperliquid’s growing revenue and user activity provide a fundamental backdrop for the price advance. Stronger platform adoption could help maintain investor interest if market conditions remain favorable.
Technical Outlook for Hyperliquid Price
Key levels remain clearly defined as $HYPE approaches its recent highs:
Upside levels: $76.00 and $76.87 represent the immediate resistance zone. A decisive breakout could push $HYPE toward $78.00 and $80.00.
Downside levels: $71.62 provides the first Fibonacci support, followed by $70.61 and the stronger $68.02–$68.15 zone. Additional support sits at $67.03 and $65.72.
Resistance ceiling: The $76.87 area remains the key level to flip for continued bullish momentum.
The technical structure remains strongly bullish, with $HYPE trading above all major EMAs. However, elevated open interest and recent gains could increase volatility near resistance.
Will Hyperliquid Go Up?
$HYPE’s near-term direction depends on whether buyers can sustain momentum above $74.00 and challenge the $76.00–$76.87 resistance cluster. Strong spot inflows and elevated trading activity could support another breakout attempt.
If $HYPE clears $76.87 with strong volume, the next targets become $78.00 and $80.00. However, rejection could trigger a pullback toward $71.62–$70.61. Losing $70.61 would increase the risk of a deeper correction toward $68.02–$68.15.
For now, $HYPE remains in a pivotal breakout zone. Continued inflows, strong network fundamentals, and sustained open interest favor the bulls, but traders should watch $76.87 closely for confirmation.
Related: Hyperliquid Price Prediction: $HYPE Targets $77 After Breakout Above $72