Here’s why HYPE is up over 30% today

HYPE’s price has rebounded after yesterday’s drop and is now set to test a key bullish pattern, which could lead to more gains ahead.

Hyperliquid (HYPE) rose 32.7% to an intraday high of $12.5 on April 8, morning Asian time, while bringing its market cap back over $4 billion. Its daily trading volume was up nearly 50% over the previous day, hovering over $246 million.

The recent gains have erased the losses from the past two days, which came during a broader market sell-off. That slump followed news of new U.S. trade tariffs announced by Donald Trump, sparking fears of a global trade war and dragging down the entire crypto market by over 13%.

HYPE’s rally today comes as open interest climbed back above $450 million, up 20% from the day before, hinting at growing interest from derivative traders in the market. Even though the overall derivatives market is fairly calm, positive funding rates since March 25 hint that traders are still leaning bullish.

Today’s gains were accompanied by an uptick in trading activity on Hyperliquid.

DeFi Llama data shows that Hyperliquid saw a huge trading volume spike, up 66% over the previous day, to hit $13.05 billion. For comparison, its biggest rival, Jupiter (JUP), only hit $1.6 billion. 

In total, Hyperliquid has processed over $1.22 trillion in volume so far, easily beating Jupiter’s $278.4 billion.

Hyperliquid also grabbed a lot of attention after a whale dropped 4.52 million USDC into the platform and went long on ETH with 20x leverage, opening a massive trade worth around 47,253 ETH, or roughly $70 million.

As for what’s next, crypto analyst Glitch noted HYPE is testing a key resistance level between $11.7 and $12.5. If it breaks above that, he thinks it could flip it to support and rally all the way to $18.5 or even $20.5. 

Sharing a 1-day HYPE/USDT chart, fellow trader Crypto Target added that HYPE needs to flip the $11.7 – $12.5 resistance range into support to avoid losses. See below.

At press time, HYPE was trading at $11.95.

Hype price analysis

Looking at the 4-hour chart, HYPE seems ready to break out of a falling channel that’s been in place since March 24. Traders view this as a bullish sign, which often precipitates into a bullish rally upon a successful break.

The MACD is showing bullish momentum too, with the MACD line crossing above the signal line. Plus, the Supertrend indicator has flipped green, which usually suggests buyers are back in control, at least for now.

Hence, the most likely target for HYPE is the $15 psychological resistance level, which it failed to breach earlier this month. A breakout above this could open the path towards the $20 mark.