Hyperliquid Price Rally Continues Towards $50 Threshold

The Hyperliquid (HYPE) price has shown resilience at $40, following a notable increase of nearly 10% in the previous day's trading session.

On-chain data from CryptoQuant indicates a positive outlook for HYPE, with large whale orders and cooling conditions contributing to the bullish sentiment. Additionally, derivatives data from Coinglass shows a significant rise in open interest (OI) to $1.68 billion on Tuesday, marking the highest level since early February.

The increasing OI represents new or additional money entering the market, which could fuel the current HYPE price rally. Furthermore, Hyperliquid's funding rates flipped positive on Sunday and surged to 0.008% on Tuesday, indicating that longs are paying shorts. Historically, when funding rates have flipped from negative to positive and risen, the Hyperliquid price has surged.