HYPE's Open Interest has surged to $906.76 million, indicating rising capital inflow.

The breakout above the $26.50 resistance level fuels hope of a run to $28.

Capital inflow into Hyperliquid (HYPE) is evident with Open Interest surging to $906.76 million, as seen on CoinGlass. This signals optimism among traders. Following a breakout above the crucial resistance at $26.50, market focus shifts towards the next resistance at $27.20, setting the stage for a potential run to reach $28.

Hyperliquid's native token, HYPE, is garnering attention from traders, who are keeping a close eye on strong indicators that hint at a sustained bullish momentum in the short term. A steady rise in Open Interest, despite some decline, signals growing market activity and investor confidence.

As evident from the chart by CoinGlass, the Open Interest for HYPE has been on a steady rise, currently standing at $906.76 million. This consistent incline in OI indicates that new money is flowing into the market, hinting at growing trader participation and interest in the altcoin. Moreover, rising OI, particularly alongside increasing price and volume, often suggests that the current bullish trend may continue.

However, it’s crucial to note that while increasing OI can signal strong capital inflow and potential trend continuation, decreasing OI, especially with falling price and volume, may indicate a weakening trend and anticipate a potential trend reversal.

Hyperliquid (HYPE) Price Analysis:

Hyperliquid’s HYPE is currently trading at $26.70, marking a rise of 8.30% in the past 24 hours and 9.46% over the past week. Taking a look at the 4-hour chart, there’s a clear uptrend in progress as the price trades above the 9-period SMA at $25.59. However, traders are advised to take a cautious move as HYPE is currently in a selling zone.

Recently breaking out above the 200-period SMA and pivoting point at $26.50, buying pressure is expected to continue. The price is now approaching the next resistance level at $27.20, with the next price target in sight at $28.00. On the lower side, support is anticipated around the $24.50 mark.

In the past 24 hours, market cap rose by 8.59% to reach $8.92B with a 24-hour volume spike of 27.06%, indicating strong trader interest and volatility.