Hyperliquid Surges to $40: Market Data Suggests Further Gains

Hyperliquid (HYPE) has become the 10th-largest cryptocurrency by market capitalization after its price rose nearly 10% over the last 24 hours. This strong performance is supported by on-chain and derivatives data, which suggests that HYPE's rally may continue.

The token's spot and futures markets show large whale orders, cooling conditions, and buy-side dominance, all of which point to potential upside. Derivatives data also reinforce the bullish outlook for Hyperliquid, with Open Interest (OI) reaching its highest level since early February at $1.67 billion on Tuesday.

The HYPE/USD 4-hour chart remains highly bullish, supported by the ongoing rally and the token's break above the daily resistance level at $36.51. If the current trend holds, HYPE could extend its rally towards the key psychological level of $50.