HYPE is consolidating between $23.8 and $27.4, with bulls aiming for a breakout toward $30.
RSI and MACD show early bullish divergences, but volume confirmation is needed. After a steep 73% drawdown from its December 2024 all-time high, Hyperliquid (HYPE) aggressively recovered in April 2025, rising over 170% in under six weeks. This impressive rally, driven by renewed market interest and technical breakouts, has brought the token to a pivotal resistance level at $30.50—the final hurdle before its previous ATH of $35.30. Hyperliquid (HYPE) is trading at approximately $26 after reclaiming ground from its early-May dip. The asset surged in Q1, hitting a high of $28.75 before facing a rejection near the 1.618 Fibonacci extension level. That rejection has turned $27.4–$28.75 into a strong resistance zone.
The current support lies around $23.8, aligning with the 0.382 Fib retracement from April’s breakout move. If HYPE breaks below this support, $21.60 becomes the next critical zone, coinciding with the 50-day EMA and horizontal demand in late March. Upside targets include a potential retest of $27.4 and, if broken, a surge toward $30.20—the 2.0 Fibonacci extension and a psychological milestone.
Momentum Indicators Show Rebound Potential
Hyperliquid’s daily RSI is 58, recovering from earlier overbought conditions in May. In the 4-hour timeframe, a bullish divergence forms between price and RSI, indicating potential exhaustion in selling pressure. MACD on the daily chart recently triggered a bullish crossover. The histogram has flipped positive for the first time in two weeks, while the MACD signal line is curving upward, hinting at early momentum realignment. On-balance volume (OBV) remains relatively flat but hasn’t broken below April levels. This suggests that strong hands are continuing to hold even as the price consolidates.
Source: SoSoValue
However, a divergence emerges when observing on-chain data. Per DeFi Llama, DEX trading volumes for Hyperliquid have decreased from $1.3B in early April to just $527M last week. Perpetuals volumes also declined from $65.2B in February to $20.9B, suggesting broader activity has waned even as price rises. Still, updates to HYPE’s fee structure, favouring stakers, may contribute to renewed speculative demand. Bulls need to reclaim $23 as a volume-based point-of-control (POC) for sustained continuation. While the price currently hovers above that zone, confirmation through consistent volume spikes would solidify the move. The $19 level and the 21-day EMA remain key supports in a pullback.
Options Market and On-Chain Data Support Mid-May Volatility
Options data from Hyperliquid’s native analytics platform show significant open interest in the $28–$30 strike range. Gamma exposure could amplify the next breakout if bulls can maintain upward pressure. HYPE’s immediate support sits at $23.80, a local structural level, followed by $21.60 at the 50-day EMA and March range high. Deeper correction may target $19.90, aligning with the 0.5 Fib retracement and a high-volume node. Resistance stands at $27.40 from early May, with $28.75 marking the all-time high and Fib extension. A breakout above could push HYPE toward $30.20 — a key psychological and technical target.
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