TL;DR
- Hyperliquid (HYPE) is holding near $42 with bullish structure above $40.
- The bullish structure is supported by rising open interest futures and positive funding rates.
Hyperliquid (HYPE) is trading above $42 on Monday, maintaining its upward trajectory from the uptrend line.
While the broader trend remains constructive, signs of slowing retail interest belie the steady buildup in leveraged positions, creating a mixed near-term outlook for the decentralized exchange token.
Retail momentum fades as social dominance declines
The retail sector momentum appears to be weakening. Data from Santiment shows that Hyperliquid’s social dominance has dropped sharply to 0.137%, down from 0.688% at the height of the US-Iran conflict in late March.
The decline indicates lower retail interest as geopolitical tensions ease, removing a key narrative driver that previously fueled speculative interest in the DEX exchange.
In contrast, financial derivatives activity is increasing. According to CoinGlass, HYPE Futures with Open Interest (OI) It has risen nearly 3% in the past 24 hours to $1.65 billion, indicating an increase in outstanding leveraged positions.
Funding rates remain positive at 0.0077%, indicating that long positions remain dominant. This continued positive financing over the past month reflects a growing bullish conviction among leveraged traders, even as spot rate-driven retail enthusiasm has subsided.
HYPE Price Forecast: Rising Wedge puts $40 support in focus
The 4-hour chart of HYPE/USD is bullish and active, as HYPE is consolidating inside a rising wedge.
The token remains supported above both the 50-day moving average at $38.98 and the 200-day moving average at $34.90, reinforcing the underlying bullish structure.
Momentum indicators point to a steady but controlled uptrend. The Relative Strength Index (RSI) is at 56, indicating positive but not overbought conditions, while the MACD is trending higher towards a bullish crossover, indicating fading bearish pressure.
If the bulls go higher, they will face immediate resistance at $43.71, which caps the current recovery and is in line with the upper wedge boundary near $46.80. A decisive break above this area could lead to a stronger bullish continuation.
However, if the market sees a correction, the uptrend line support near $41.21 remains crucial.
A break below this level would likely expose the 50-day EMA at $38.98, with the 200-day EMA at $34.90 acting as a deeper demand zone if selling pressure intensifies.
While Hyperliquid’s structure remains bullish above $40, the divergence between fading retail interest and rising leverage suggests the next move could be determined by whether momentum expands or declines.
