Hyperliquid's open interest has climbed above $13 billion for the first time since October, coinciding with HYPE breaking through its old highs to touch roughly $82. The rally has pushed the token's daily RSI into overbought territory, raising the stakes for what happens if the move stalls.
Exposure builds as HYPE breaks out
Hyperliquid's open interest has risen above $13 billion for the first time since October, a threshold that signals traders are opening fresh leveraged positions rather than closing existing ones. The move lines up with HYPE clearing its prior highs and momentarily reaching the $82 area.
HYPE broke through the $75–$77 zone that had capped multiple advances in June and July and now trades near $79.30 after touching about $82.50 intraday. The token has climbed from roughly $56 to almost $80 across a handful of sessions, pulling price well clear of its major moving averages, now at $63.16, $61.09 and $58.55.
Overbought reading raises deleveraging risk
With daily RSI near 80, HYPE sits firmly in overbought territory. An overextended price combined with record positioning means even a modest reversal could trigger aggressive deleveraging, and the $75–$77 range would become the first test. A drop below that zone points to the next support cluster around $60 to $63.
Bulls eye $85 and $90 if support holds
If the old resistance zone holds as support, that would strengthen the case that HYPE has entered a new phase of price discovery. The next psychological targets would be $85 and eventually $90, while a rejection back below $75 would change that picture.
Bitcoin cools while HYPE defies the pullback
Bitcoin, by contrast, has pulled back after its recent surge, slipping to $75,500 before recovering to around $76,500, with its market cap near $1.540 trillion and dominance just over 58%.
HYPE's record open interest shows the same strength that could magnify losses if the rally stalls: much more leverage now depends on the move continuing.
Sources: U.Today, CryptoPotato
Trading involves risk.
Risk Disclaimer
