- Hyperliquid’s HYPE token surged following Binance US’s announcement of an upcoming spot listing, with derivatives data showing record-high open interest and rising bullish momentum.
- Technical indicators suggest a potential breakout past $39, setting the stage for a possible rally toward the $50 mark.
Hyperliquid has once again apeared in the spotlight after surging nearly 7% on Monday after Binance announced an upcoming spot market listing. Notably, the token has set a bullish precedence onwards with a 14.40% surge in the past 24 hours as of time of press.
This bullish stance isn’t solely due to major news; technical indicators and surging derivatives market activity have also significantly contributed to this rally.
Binance US Spot Listing Fuels HYPE Momentum
The major catalyst behind HYPE’s rally is Binance US’s announcement of a soon-to-be-launched spot listing for the token. Although Binance already offers HYPE perpetual futures trading, where it holds an open interest (OI) of $17.32 million, the spot market inclusion marks a significant milestone.
With Binance’s global 24-hour spot trading volume hovering around $14.94 billion and $65 billion in derivatives, the listing is expected to attract significant additional liquidity and retail participation.
his listing could act as a gateway for more investors to access HYPE without the complexities of derivatives trading, potentially catalyzing a price breakout.
Record-High Open Interest Sparks Bullish Signals
Derivatives market data further validates the bullish narrative. According to CoinGlass, HYPE’s open interest has skyrocketed to a record $1.43 billion—an increase of $140 million in just 24 hours. This metric reflects new capital entering the market, signaling heightened speculative interest and bullish conviction.
Moreover, the OI-weighted funding rate surged to 0.0368%, indicating that long positions are paying a premium to maintain exposure. This spike is often interpreted as a strong signal of upward momentum, as buyers are willing to pay more to stay in the market.
Technical Indicators Hint at New All-Time High
Technically, HYPE appears to be gearing up for a breakout. The token saw a 63% rally in May, hitting an all-time high of $40 before correcting to the $30 range. In June, it has already gained over 9%, rebounding off a multi-touch support trendline.
The current price action suggests a rounding bottom pattern is forming, with $39 serving as the neckline. If HYPE breaks through this level, it could trigger a 27% rally toward the $50 mark—calculated by projecting the pattern’s depth from the breakout point.
Momentum indicators support this thesis. The MACD has formed a bullish crossover above the centerline, and the RSI has climbed to 60, reflecting increasing buying strength from earlier oversold conditions.
Downside Risks
Despite the optimism, traders should stay cautious. A failure to sustain the current trend could see HYPE pull back to its key support at $31.26, especially if broader market sentiment turns risk-off.