HYPE rallies toward $58 resistance as derivatives demand rises

| coinjournal.net
Hyperliquid (HYPE) gained about 2% on Thursday, extending the rebound after a pullback toward the $38 support zone. Price is now testing the 50-day EMA resistance near $58.37. A decisive daily close above this level could open the way toward the next supply area around $62.58. Traders will also watch downside levels: HYPE must hold above the 200-day EMA near $51.29, with an ascending trendline around $53.05 acting as additional defense. Derivatives and flows look supportive. CoinGlass shows HYPE futures open interest rose more than 4% to roughly $2.39B, while volume jumped 45% to about $1.60B—suggesting new positioning. Liquidations skew bullish in the short term, with short liquidations (~$1.34M) far exceeding long liquidations (~$0.25M). Funding remains positive at ~0.0080%, implying longs are still paying shorts. Corporate/institutional demand adds another layer of support. Hyperliquid-related treasuries increased HYPE holdings, including Hyperliquid Strategies (17.60M HYPE vs 12.50M in January) and Hyperion DeFi (treasury HYPE up from 1.88M to 1.93M), alongside a reported ~$31M fair-value increase in Q2. Key risk: if leverage builds too quickly, a reversal could trigger long liquidations. Overall, the setup remains constructive for HYPE, but $58.37 is the crucial “break or fail” level.
Bullish
HYPE is in a constructive technical phase while derivatives positioning is expanding. The price is pressing the 50-day EMA resistance near $58.37, and a successful daily close could extend gains toward $62.58. On the flow side, rising open interest and higher volume suggest traders are adding exposure, not just closing risk. Liquidations are skewed toward short liquidations, and funding is positive (~0.0080%), supporting the current long-biased sentiment. Corporate treasury accumulation reinforces the bullish narrative. However, the upside hinges on reclaiming $58.37; if momentum fails and leverage accelerates, a reversal could trigger long liquidations, increasing downside volatility. Net effect: near-term bias remains bullish for HYPE.