Hyperliquid (HYPE) jumps 65% to $34.5 — flip $35.3 to push toward $42.4

Hyperliquid (HYPE) has delivered one of its strongest weekly performances in months, surging 65% over the past seven days to a near two‑month high of $34.5 after weeks of consolidation that reignited interest among derivatives traders. Derivatives activity accelerated sharply: Open Interest rose 43% within 48 hours, climbing from $1.21 billion to $1.73 billion, a move the report says reflects a surge in new positions rather than short covering.

Funding rates remained positive throughout the rally, confirming long positions dominate short exposure. Momentum indicators are flashing caution. The Relative Strength Index spiked above the 70.0 threshold, entering overbought territory and signaling that buying pressure may be reaching exhaustion.

The article notes that similar RSI readings for Hyperliquid have historically preceded pullbacks. Price action and technical levels are at a critical test: HYPE rose from $20.9 to $34.5 in seven days, and its HIP‑3 open interest jumped to $793 million on January 26–27, 2026 from $260 million a month earlier, amid strong moves in gold and silver.

Trading near $34.5, the token would likely see continued upside if it flips $35.3 into support (technical projections point to $42.4); conversely, losing $30.8 could spark a correction toward $26.8.

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