Hyperliquid (HYPE) traded above $44.00 on Wednesday, extending its rise for a sixth straight session as rising derivatives activity and growing platform usage fueled bullish sentiment around the stock exchange symbol.
The latest rally comes as investor confidence gradually returns to the broader cryptocurrency market, boosting leveraged exposure and user engagement across the Hyperliquid ecosystem.
Hyperliquid is seeing a rise in retail demand and platform activity
Coinglass data HYPE futures showed that open interest (OI) rose to $1.75 billion on Wednesday from $1.62 billion the previous day, indicating an increase in leveraged positions and new capital entering the market.
The sharp rise in open interest signals that traders are increasingly bracing for further upside as bullish momentum accelerates.
At the same time, Devilama data The total value locked (TVL) on Hyperliquid indicates an increase of more than 2% over the past 24 hours to $1.556 billion, reflecting stronger inflows into the protocol.
Rising TVL is typically associated with increased user engagement and improving platform fundamentals, with more capital flowing into decentralized finance applications built on the ecosystem.
Hyperliquid also continues to rank among the strongest performing DeFi protocols in terms of revenue generation.
Excluding stablecoin protocols, Hyperliquid currently leads the sector in seven-day revenue of $11.58 million, confirming continued trading activity and demand on the platform.
Technical Outlook: HYPE targets a break above $50
Technically, Hyperliquid maintains a strong bullish structure as price action continues to trade comfortably above the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), all of which continue to slope higher and reinforce the broader uptrend.
Momentum indicators also support bullish expectations. The Moving Average Convergence Divergence (MACD) remains firmly in positive territory on the 4-hour chart, indicating sustained upward momentum, while the Relative Strength Index (RSI) is hovering near 74, reflecting an overbought condition.
On the upside, the next major resistance level is the R1 pivot point near $45.52. A decisive break above this barrier would highlight broader downtrend line resistance near the $50.00 psychological level.
A sustained close above the $50 area could trigger a stronger bullish continuation phase and possibly open the door to a broader rally in the medium term.
On the downside, immediate support is located near the rising trend line near $40.00, followed by the 50-day EMA near $39.76.
Additional downside protection appears at the 100-day moving average near $37.45 and the 200-day moving average near $36.45 if broader market conditions weaken and lead to a deeper correction.
