Hyperliquid rallies 70% to $48, but THIS still blocks HYPE’s upside

Reviewed by Reviewed by Renuka Tahelyani Updated 12:30 IST March 24, 2026 Share Share

Broader financial markets saw disruption recently, driven by geopolitical tensions. Against that backdrop, Hyperliquid [HYPE] stood out with strong gains.

The HYPE token rose nearly 70%, climbing from $25 to $48 as the Middle East conflict escalated.

On the daily chart, HYPE traded near $20 after a short correction over the past five days.

Momentum indicators suggest a cooling phase.

The Relative Strength Index (RSI) approached oversold territory, signaling fading selling pressure as the correction neared exhaustion.

That shift suggested weakening short-term momentum after the pullback.

Oversold conditions often indicate seller fatigue. Markets may stabilize before attempting another move higher.

Open interest surge signals strong participation

Market activity has expanded rapidly.

Open Interest [OI] climbed to $3.1 billion within 24 hours, pointing to fresh capital entering the market.

Some analysts linked this move to portfolio rotation from commodities like oil. Geopolitical stress often drives such shifts.

In this case, traders may have sought exposure through alternative markets.

Rising OI alongside volatility highlighted elevated participation. That move aligned with a post-rally reset.

$44 emerges as recovery target

Attention now turns to the next potential move. If buyers return, $44 remains a key resistance level. The level rejected several advances on the daily chart.

A move toward this level could signal renewed bullish momentum. However, failure to regain strength may extend the correction.

What’s next for HYPE?

The structure remained constructive despite the pullback. The rally cooled, momentum reset, and participation stayed elevated.

If oversold conditions trigger demand, HYPE may attempt another bullish phase. For now, $44 remains the key level in a potential recovery setup.

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Final Summary

• Hyperliquid [HYPE] rose nearly 70% amid geopolitical market disruption. Price corrected to ~$20 after a short-term pullback.
• Open Interest surged to $3.1B, reflecting strong market participation. Capital rotation from commodities may be driving inflows

Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors.