Hyperliquid price rose to  its highest level in over a month as it touched $38.08. The HYPE is up amid increased trading activity as open interest jumps to over $1.56 billion. Technical indicators on the daily chart suggest a bullish continuation.

The Hyperliquid token climbed to a five-week high above $38 on Thursday, as renewed buying momentum strengthened the bullish push toward a potential new all-time high.

Although HYPE had pulled back slightly from its intraday peak at the time of writing, the token was still up 17% over the past week and about 48% year-to-date.

The price move was accompanied by a sharp rise in trading activity, with 24-hour volume jumping 43% to more than $464 million.

The platform’s native token gained traction as Bitcoin held near the $70,000 level, while major altcoins also approached key technical levels.

Bitcoin’s rally above $70,000 following Wednesday’s CPI data helped lift sentiment across the broader crypto market, even as geopolitical tensions continued to escalate.

Gains among major altcoins also provided momentum for smaller tokens such as Hyperliquid.

However, HYPE appears particularly well positioned for a potential breakout as trading activity in the energy sector intensifies amid the escalating U.S.–Israel conflict with Iran.

Data from Coinglass shows that Hyperliquid’s open interest rose from $1.18 billion to more than $1.56 billion, marking a 32% increase between March 6 and March 12, 2026.

Much of this activity has been driven by traders entering futures positions as oil prices surged. Crude briefly climbed toward $120 before pulling back.

Even after the retreat, prices remain above $100, as the Strait of Hormuz blockade continues to disrupt a key global shipping route, with Iranian leaders insisting the waterway should remain closed.

As Bloomberg recently reported, trading activity on Hyperliquid has surged under these conditions, with futures volume reaching about $2.2 billion in the past 24 hours.

At the same time, the platform’s stablecoin market capitalization increased nearly 3% to $4.76 billion.

HYPE is currently trading at its highest level since February 3, 2026.

A similar price zone was last tested in November 2025, when bullish momentum weakened and the token failed to maintain support.

The latest retest raises the question of whether Hyperliquid could be setting up for a fresh push toward a new all-time high. If the current momentum continues, bulls may increasingly target that milestone in the near term.

Meanwhile, crypto investor Arthur Hayes has projected a much more aggressive outlook, suggesting that HYPE could climb to $150 by August 2026, driven by strong platform growth and token buyback dynamics.

On the daily chart, Hyperliquid has formed a golden cross, with the 50-day SMA moving above the 100-day SMA, a signal that typically points to strengthening bullish momentum.

The token has also broken out of an ascending triangle, a pattern often associated with continuation of an upward trend.

Meanwhile, the daily RSI remains above 66, suggesting strong buying momentum while still leaving room before entering overbought territory.

At the same time, the MACD indicator shows expanding histogram bars following a bullish crossover, reinforcing the positive momentum in the near term.

Hyperliquid price chart by TradingView

From a technical standpoint, the first resistance lies in the $38–$42 range, followed by a stronger barrier around $48–$50.

A decisive close above $38 could open the door for a move toward these levels, with the all-time high above $59 emerging as a potential target if bullish momentum strengthens.

On the downside, if broader market weakness triggers a pullback, initial support is likely near $33.

A deeper correction could bring the 50-day SMA around $30 and the 100-day SMA near $28 into focus as key demand zones.

The post Hyperliquid price prediction: can HYPE hit a new ATH after $38 break? appeared first on CoinJournal.

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