Hyperliquid's native token HYPE traded above $44.00 on Wednesday, extending a rally that has now lasted six consecutive sessions. The token gained 4% the previous day, and the upward momentum continued as futures open interest climbed to $1.75 billion, up from $1.62 billion a day earlier.
Rising leveraged bets
The increase in open interest — the total value of outstanding futures contracts — suggests traders are taking on more leveraged positions on HYPE. Open interest rose roughly 8% in a single day, a move that often amplifies both gains and losses. On Hyperliquid's own platform, total value locked (TVL) also rose, increasing by over 2% to $1.556 billion in the past 24 hours. The TVL number reflects the amount of assets deposited into Hyperliquid's DeFi protocols, and the uptick points to heightened platform usage during the rally.
Revenue leader among non-stablecoin protocols
Hyperliquid ranks first among non-stablecoin DeFi protocols by seven-day revenue, pulling in $11.58 million. The revenue figure, driven largely by trading fees, underscores the level of activity on the platform as HYPE's price pushes higher.
Key price levels to watch
Traders are now watching two resistance levels: the first pivot point at $45.52 and the psychological $50.00 mark. On the downside, immediate support sits at $40.00. Below that, key exponential moving averages (EMAs) at $39.76, $37.45, and $36.45 could provide additional support if the rally loses steam.
The six-day winning streak and rising open interest have put HYPE in a technically extended position. Whether the token can break through $45.52 and eventually test $50.00 will depend on whether leveraged longs continue to add to their positions — and whether the broader market holds its tone.
