Hyperliquid's HYPE token extended its recovery, gaining roughly 2% as rising corporate treasury holdings and a jump in derivatives activity supported the move. The token is now testing key resistance near $58, with a decisive break above that level seen opening the way toward higher supply zones.
HYPE gained approximately 2% on Thursday, building on a near 3% advance in the prior session. The token is now approaching its 50-day Exponential Moving Average near $58.37, the next major hurdle for the rally.
Corporate treasuries keep building HYPE positions
Corporate demand for Hyperliquid has stayed firm. Hyperliquid Strategies held 17.60 million HYPE, up from 12.50 million in January, with the position's market value climbing from $703 million at the end of Q1 to about $980 million in Q2.
Hyperion DeFi also added to its treasury, moving from 1.88 million to 1.93 million HYPE. The position's value rose from $77 million to $107 million over the same period, a $31 million fair-value increase. The steady growth in these corporate holdings points to continued confidence in the ecosystem, though concentrated positions could still create selling risk if treasuries later trim exposure.
Derivatives data points to fresh capital
Retail and derivatives activity strengthened alongside the price recovery. According to CoinGlass, HYPE futures open interest rose more than 4% over 24 hours to $2.39 billion, while trading volume jumped 45% to $1.60 billion over the same period.
The simultaneous rise in price, volume and open interest suggests new capital is entering the market rather than the move being driven only by traders closing existing positions. Short liquidations reached $1.34 million over the previous 24 hours, far exceeding the $251,040 in liquidated long positions. HYPE's funding rate stayed positive at 0.0080%, showing traders holding long positions are still paying a premium for bullish exposure.
Technical structure favors the recovery, for now
HYPE continues to trade above its 200-day EMA at $51.29 and a rising trendline near $53.05. The MACD has crossed above its signal line, and its Relative Strength Index sits near 50, leaving room for further gains before overbought territory.
Separately, Coinpedia's analysis of the $53–$54 support zone points to a $57.57 Fibonacci level as the immediate resistance, with a sustained break above it opening the path toward $64–$65 and, further out, $72 and $76.78.
A decisive daily close above the 50-day EMA would confirm strengthening momentum and open the way toward $62.58, per CoinJournal's analysis. Failure to reclaim that level could send HYPE back toward the $53.05 trendline, with the 200-day EMA at $51.29 as the next support beneath it.
Sources: CoinJournal, Coinpedia Fintech News
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