TL;DR
- Hyperliquid caught the market’s attention after Binance US confirmed it will list the HYPE token on its spot market.
- HYPE’s total open interest in derivatives rose to $1.43B, with a $140M increase in just 24 hours and a funding rate climbing to 0.0368%.
- HYPE jumped 14%, now trading at $37.54, with a possible rounding bottom pattern that projects a technical target near $50.
Hyperliquid managed to capture the market’s full attention after Binance US confirmed plans to list its token on the spot market.
The announcement comes amid strong growth in HYPE’s derivatives market. Open interest has reached its highest level to date. The combination of these signals has raised expectations about the token’s price performance in the coming days.
Currently, Binance already offers perpetual futures for HYPE, with open interest of $17.32M. Its arrival on the spot market will increase its exposure to new investors and boost its trading volume. Binance remains the centralized exchange with the highest daily volume, both in spot and derivatives markets. According to the latest records, its spot trading volume exceeds $14.9B, while derivatives volume reaches $65B.
HYPE’s total open interest across derivatives platforms hit $1.43B, with a $140M jump in just 24 hours. New funds have entered, and buying pressure has increased. This momentum could extend the recovery that started several weeks ago. Another indicator confirming the bullish bias is the open interest-weighted funding rate, which rose to 0.0368%. This change reflects an increase in long positions driven by investors anticipating a new bullish cycle.
Could HYPE Reach $50?
In May, the token posted an 80% rally, hitting an all-time high of $40 before pulling back to $30. In the last session, the token rose 14%, reaching $37.54, while holding a support trendline that has been building since late April. Technical analysis shows a possible rounding bottom formation, with a critical neckline at $39. If the price breaks above that level, the pattern projects a target close to $50, based on the formation’s depth.
Technical indicators support this scenario. The MACD showed a bullish crossover above its signal line, while the RSI, now at 60 points, has rebounded from oversold territory, reflecting accelerating demand. If the rally stalls, immediate support stands at $31.26 — a key level to prevent a deeper pullback
