As Bitcoin marked new highs during the last trading day, yet another popular altcoin, Hyperliquid (HYPE), also marked a new ATH. The 11th largest token closely followed the BTC price rally, which surged past $122,000, marked highs close to $50, but failed to surpass the psychological barrier. As the token is experiencing a pullback, the question arises whether the bears will maintain significant pressure over the token. If this happens, will HYPE price fail to enter the top 10 cryptos?
What’s Driving the HYPE Price Surge?
Hyperliquid has been attracting significant attention in the past few days, due to which it is one of the trending tokens. The volume over the platform has been rising consistently since the last week of May, which points towards the growing confidence of the investors. With the rise in trading activity, Hyperliquid became the top blockchain in terms of revenue during the last month, surpassing Tron, Base, Solana and the giant, Ethereum.
On the other hand, the open interest has also surged over $10 billion, validating a rise in the traders’ participation. According to the data from Coinalyze, Binance and Bybit hold the largest share of the open interest. The OI is rising along with the rise in the price, and hence it suggests the traders are buying into the price rise and support the bullish trend.
How High Can the Hyperliquid Price Go in 2025?
The HYPE price has recently hit a new ATH very close to $50 at $49.84, which has kept the market momentum extremely high. The token experienced a small pullback but has remained stuck close to the highs, above $47. This suggests the bulls continue to remain in control and hence the price is due for a massive rise.
The current price action HYPE suggests the token is within a bullish range as the RSI remains stuck along the upper threshold. Moreover, the rally has risen above the trend line of the FIB extensions, which suggests it may resume with a strong upswing. The price could reclaim $50 anytime from now, as the BTC price gains strength. Once the token secures this range, the next target for the Hyperliquid price could be around $61.
When Will Hyperliquid Enter the Top 10
To enter the top 10 cryptos, Hyperliquid must surpass Cardano’s market capitalization, which is over $25 billion, compared to the $15.75 billion market cap of Hyperliquid. There is a huge gap between these ranges, which could make it a tedious job. However, if the Open Interest continues to rise, then there is the possibility of a continued upswing, which may unlock higher targets.
