Hyperliquid’s HYPE Holds Above $40 as Leverage Builds Amid Mixed Signals

Hyperliquid’s HYPE is holding above $40 and maintaining its broader uptrend as leverage builds in the derivatives market.

CoinJournal reported on April 27 that HYPE was trading near $42 and continuing to move higher along an upward trendline.

On-chain and derivatives data still point to a bullish market structure. HYPE futures open interest rose about 3% over the past 24 hours to about $1.65 billion, according to CoinGlass. The funding rate remained positive at 0.0077%, indicating long positions still have the upper hand.

Retail interest, however, has cooled. Santiment data showed HYPE’s social dominance at 0.137%, down sharply from 0.688% in late March, when tensions between the US and Iran were escalating. The pullback suggests narrative-driven buying has weakened as geopolitical concerns eased.

From a technical standpoint, HYPE is consolidating within a rising wedge pattern. The token is holding support above its 50-day exponential moving average of $38.98 and its 200-day EMA of $34.90.

The relative strength index stands at 56, suggesting the market is not yet overbought and may have room to rise further. The moving average convergence divergence indicator also points to a potential bullish crossover, signaling that downside pressure may be easing.

Near-term resistance is around $43.71. A break above that level could clear the way for a move into the $46 range. On the downside, if HYPE falls below trendline support at $41.21, the next major support levels are $38.98, the 50-day EMA, and $34.90, the 200-day EMA.

CoinJournal said the broader bullish structure remains intact above $40, but the divergence between fading retail interest and rising leverage means the next directional move will hinge on whether momentum strengthens.