The Hyperliquid price has suddenly come back into focus after a sharp rebound from the 50–55 area, with the token now trading around $72 and testing the upper boundary of its recent range. The latest move has brought the $HYPE price close to the key $72.18 resistance level, making this a crucial point for the bulls.

The bigger concern is that the rally has come alongside a significant build-up in open interest, showing that leverage and market participation have risen substantially. That can support further upside, but it also increases the risk of a sharp reversal if the breakout fails.

This brings thoughts: can $HYPE break through this resistance and move toward a new all-time high, or will sellers step in once again near the highs?

What Drove the $HYPE Rally?

The latest $HYPE move was backed by two major developments that strengthened Hyperliquid’s growth and adoption narrative. Trump’s comments and Coinbase’s integration brought Hyperliquid’s derivatives infrastructure closer to a much broader trading audience. Together, the developments have given traders fresh reasons to reassess $HYPE’s near-term and longer-term demand outlook.

  • Trump signals a U.S. path for Hyperliquid: President Donald Trump said the CFTC is working to bring Hyperliquid into the U.S. in a “fully compliant and legal fashion.” For Hyperliquid, this is significant because access to the U.S. market could substantially expand its potential user base and trading activity.
  • Coinbase integrates Hyperliquid into Base App: Coinbase has integrated Hyperliquid-powered perpetual futures into its Base App, giving eligible users access to 290+ markets with leverage of up to 50x. The integration gives Hyperliquid additional distribution through one of the largest U.S. crypto platforms and strengthens its position in the derivatives market.
  • Regulation meets distribution: The two developments complement each other. Trump’s comments improve the regulatory outlook, while Coinbase’s integration provides a tangible distribution and adoption channel. For $HYPE, that combination has strengthened the fundamental narrative behind the recent surge.

Raising Open Interest Raises Caution

The bullish setup around $HYPE comes with a clear warning: leverage across Hyperliquid has grown rapidly. Open interest has climbed sharply in recent months as traders have increased their exposure to the platform’s derivatives markets, making the ecosystem more sensitive to sudden price swings.

Hyperliquid’s total open interest crossed $11 billion in July, reaching its highest level of the year. The growth in HIP-3 markets has been even more striking, with open interest rising from around $259 million at the start of 2026 to more than $4 billion—an increase of over 1,400%.

That surge shows growing demand for Hyperliquid’s trading products, but it also creates a risk for $HYPE. When open interest builds this quickly, a price reversal can force leveraged traders to close positions, potentially turning a normal pullback into a much sharper move.

$HYPE Price Faces a Decisive Resistance

$HYPE’s technical structure has turned bullish after the token bounced strongly from the 50–55 support zone and reclaimed the 63–64 resistance area. The move has now taken price back to around $72, where it is testing a major hurdle at $72.18.

The Supertrend remains bullish at $59.58, giving buyers a decent cushion below the current price. This keeps the broader trend supportive as $HYPE approaches the upper end of its recent range.

The next hurdle is $72.18 (R2). A strong daily close above this level could clear the way toward the next pivot at $80.24, while a rejection could bring some profit-taking after the sharp recovery. For now, bulls remain in control, but $72.18 is the level that needs to break for $HYPE to make a convincing move toward fresh highs.

Is Hyperliquid ($HYPE) Price Heading Toward a New $ATH?

The $HYPE price is now at a crucial point, with the indicators supporting the bullish narrative. However, the key resistance continues to remain around $72.18, which could prevent the rally from reaching a new $ATH. A strong daily close above this level could clear the way toward the next pivot at $80.24, while a rejection could bring some profit-taking after the sharp recovery.

For now, bulls remain in control, but $72.18 is the level that needs to break for the Hyperliquid price to make a convincing move toward fresh highs.