The Hyperliquid price started the week on a bullish note, reaching new highs at $44.76. With a gain of over 25% in the past week, traders are optimistic about the future price action of the token. Market conditions and technical analysis suggest that the token will continue to see bullish momentum and remain in a discovery phase for an extended period.
Hyperliquid CEX has seen a surge in open interest, reaching a new all-time high of $1.83 billion. This indicates increased trading activity and new money flowing into the platform. The rise in open interest, coupled with the price increase, suggests that traders are bullish on HYPE and the levels could remain elevated.
However, there are concerns regarding the future trade count and volume, which have been dropping significantly in recent days. Data from Messari.io shows a sharp decline in future trades just before the price hit a new all-time high. This could indicate that traders have stopped placing their bets, leading to a drop in levels.
Despite these concerns, the Hyperliquid price has broken through barriers and entered a discovery phase. It has weathered a significant correction and remains under a strong bullish influence. Technical analysis points to a continued uptrend, with the possibility of reaching the 1.2 FIB level at $52.99. The MACD and CMF indicators are also showing bullish signals, supporting the expectation of a healthy upswing in the Hyperliquid price.
In conclusion, while there are some concerns about future trade activity, the overall outlook for Hyperliquid remains positive. Traders are bullish on the token, and technical analysis suggests that the price will continue to rise. With the potential to reach new highs in the near future, Hyperliquid (HYPE) is poised for further gains in the coming days.