• Hyperliquid (HYPE) hit an all-time high of $37.44 on May 23 before pulling back slightly.
  • Hyperliquid’s open interest surged 53% to $9.4B, nearing the $12B milestone.

Hyperliquid (HYPE) surged to a fresh all-time high of $37.44 on May 23, 2025, fueled by a wave of investor interest and intensified derivatives activity. Although it now trades slightly lower at $34.28, the token maintains a daily gain of 1.61%, signaling continued bullish momentum.

This momentum aligns with the broader crypto market upswing led by Bitcoin, which crossed a new all-time high above $111,000 on May 22. Investors’ appetite for leveraged products has soared in tandem, benefiting platforms like Hyperliquid. In particular, the platform’s open interest has spiked dramatically.

According to CoinGlass , Hyperliquid’s open interest reached $9.4 billion on May 23, nearing the $12 billion mark. This reflects a massive 53% increase from its previous peak of around $6 billion earlier in May. Open interest, which tracks the total value of active futures and perpetual contracts, is widely viewed as a proxy for trader sentiment.

Additionally, Hyperliquid’s public response to ongoing regulatory discussions with the U.S. Commodity Futures Trading Commission ( CFTC ) added a layer of transparency that may have reinforced investor trust.

Can HYPE Break $40 After Its ATH? 

Over the past 24 hours, HYPE’s trading volume climbed 24.65% to $561.2 million, signaling strong liquidity and heightened market activity. The volume-to-market cap ratio stands at 4.99%, a healthy level that supports the token’s valuation strength. Circulating supply remains at 333.92 million HYPE, roughly one-third of its total supply of 1 billion.

Hyperliquid (HYPE) Token Soars to New ATH as Open Interest Approaches $12B image 0

Technically, HYPE’s price structure remains resilient. Key resistance lies at the ATH of $37.44, while support is seen at the 9-day moving average of $33.83 and the 21-day average of $30.21. A sustained break above resistance could push HYPE toward the $40 mark.

The Relative Strength Index (RSI) sits at 72.27, with a 14-day average of 75.75—both in overbought territory. While this suggests potential for a short-term cooldown, the ongoing uptrend could override temporary corrections. A recent 9/21 EMA crossover near $30.21 further confirms bullish momentum.

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