Hyperliquid’s token HYPE has caught the attention of many crypto traders. In the last 24 hours, the price jumped about 23 percent. This kind of move can be important because it might point to the next trend for the token. The recent interest is tied to a feature called HIP-3 and to more trading activity on the platform. This article explains what happened in plain language and why it matters.
Right now, HYPE is trading around $28. The price had been choppy for several weeks. Earlier, it slipped below a level from October 10th. That level had acted as a kind of floor where buyers helped keep the price from falling further. After slipping under it, HYPE managed to climb back above that zone. The area between $25 and $26 is now a key target to watch for a possible new move higher or a return to weakness.
Some traders use a phrase called an “over and under” pattern to describe what’s happening near this level. One analyst, Crypto Bully, explained it this way: the price went under the level and then quickly came back above it. If HYPE stays above this zone, it could signal a reversal, meaning the price might start moving higher for a while. If the price cannot hold above this level, the market could resume its earlier downtrend.
Along with price action, the hype around HIP-3 is growing. HIP-3 is a feature that was launched in October 2025. It lets developers create their own perpetual futures markets using Hyperliquid’s core infrastructure. Perpetual futures are like long-term bets on price movements. Unlike some contracts, they don’t have an expiry date. This makes them popular for traders who want to hold a position longer without worrying about a contract ending.
Hip-3 has had a surge in open interest. Open interest is a way to measure how many contracts are active in the market and have not yet been settled. The HIP-3 open interest reached a new high of $790 million. This rise came as more people traded commodities-like contracts on the platform. A month before, HIP-3 open interest was $260 million. This big jump shows that more money and more buyers and sellers are entering the market for HIP-3 contracts.
Hyperliquid shared a quick note on the social platform about these numbers on January 26, 2026. The company’s post helps explain why traders are excited now. The growing open interest shows that more bets are being made on future prices, not just the current price.
In the broader picture, the market capitalization of HYPE is around $6.6 billion. Market cap is a simple idea: it estimates the total value of all the tokens that are available to be traded. It is calculated by multiplying the current price by the number of tokens in circulation. In this case, 240 million HYPE tokens are circulating in the market. Circulating supply is one basic measure of how many tokens are currently available for buying and selling. It does not count tokens that are locked up, held by the team, or reserved in some other way. The combination of price, supply, and market cap helps investors compare different tokens quickly.
Let’s look at what analysts see on the charts. Some technical indicators help traders guess what might happen next. The Relative Strength Index (RSI) for HYPE on the daily chart is around 59. RSI is a tool that helps show whether a token is overbought or oversold. A value near 50 means the market is balanced. Values above 70 often indicate the token might be getting overbought, while values below 30 suggest it might be oversold. An RSI of 59 means the market is gaining strength but is not yet at levels that usually trigger an automatic pullback. In other words, there could still be room to move higher before traders see signs that momentum is turning down.
Another indicator, MACD, has turned positive. MACD stands for moving average convergence/divergence. It is a short way to see whether recent price momentum is turning up or down. When the MACD line crosses above the signal line, it is often read as a bullish sign. The MACD histogram turning green also supports this view. These are early signals traders watch for possible changes in direction. They are not guarantees, but they help traders form a view about what might happen next.
On the on-chain side, there has been notable activity connected to HYPE. An OTC transfer moved 465,000 HYPE tokens, worth about $10.32 million at that time. The transfer was from Galaxy Digital, a well-known crypto company. The move happened as buyers were supporting the $22–$23 price zone. OTC, or over-the-counter, trading means a big deal happens directly between two parties rather than on a public exchange. It is common for large investors who don’t want to impact the market with a big visible order on an exchange.
Exchange data from Coinglass adds another layer of interest. The platform reported a 166% increase in trading volume and a 29% rise in open interest. The total daily volume reached about $2.43 billion. This indicates more money and more trading activity is flowing into HYPE and HIP-3 contracts. An important point is that large holders, often called whales, are moving supply off the public markets. When whales reduce the amount of tokens they offer for sale, it can lessen immediate selling pressure and help prices stay stronger for a little longer.
In short, the latest move in HYPE appears to be driven by HIP-3’s growth and the broader appetite for commodity-linked and futures-like products on Hyperliquid. The surge in open interest shows people are placing more bets on where prices will go in the future. The price chart shows an area to watch around $25–$26 as a reclaim zone. If the price holds above this area, a new upward trend could take hold. If it cannot hold, the recent bounce might turn into a new pullback.
Crypto observers have summarized the situation with a simple idea: HIP-3 is the feature driving HYPE’s double-digit surge. The future of HYPE will depend on how many developers adopt HIP-3, how much new money flows into HIP-3 markets, and how market participants interpret the ongoing price action and indicators. For now, traders will keep an eye on the reclaim zone around $25–$26, the price around $28, and the evolving open interest numbers as a gauge of momentum.
For readers who want to learn more, the post titled “HIP-3 Explosion: The Feature Driving HYPE’s Double-Digit Surge” appeared on CryptoPotato. This type of article helps explain why a single feature can affect the price of a token as traders adjust their expectations for future profits and risk.
Definitions
- Open interest — Open interest (also known as open contracts or open commitments) refers to the total number of outstanding derivative contracts that have not been settled (offset by delivery). Example: If there are 100 active futures contracts that have not yet been settled, open interest is 100.
- Relative strength index — The relative strength index (RSI) is a technical indicator used in the analysis of financial markets to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period. In simple terms, it helps show whether the market is overbought or oversold.
- MACD — MACD, short for moving average convergence/divergence, is a trading indicator used in technical analysis of securities prices, created by Gerald Appel in the late 1970s. It helps traders see changes in momentum and price direction.
- Over-the-counter (finance) — Over-the-counter (OTC) or off-exchange trading is done directly between two parties, without the supervision of an exchange. It is common for large trades that may not fit neatly on an exchange’s rules.
- Cryptocurrency exchange — A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as fiat money or other digital currencies. Think of it as the crypto version of a stock market where people can buy and sell coins.