HYPE Blazes Past $85 as Altcoins Extend Rally

HYPE's price broke above $85 as it reached a new all-time high (ATH), driven by increased derivatives exposure and a broader altcoin rally. According to CoinGlass, HYPE gained around 5% over the past 24 hours and 16.8% during the week.

The breakout occurred after several sessions of rising prices, with HYPE first reaching $83.60 on August 23 and then retreating towards its previous resistance zone. However, buyers defended this area around $77-$78, which our team identified as the main support protecting the new market structure.

Open interest in HYPE rose to nearly $3.9 billion, a 10% increase from its previous record attempt. This surge in derivatives exposure was accompanied by futures turnover exceeding spot volume by seventeenfold, indicating that traders committed fresh leveraged positions to the breakout.