Hyperliquid Open Interest Surges to $8.5 Billion, Hype for HYPE Token Reaches Fever Pitch

Hyperliquid's derivatives platform has seen a significant increase in activity, with open interest recovering to approximately $8.5 billion.

This marks a notable rebound from recent lows of $3, $4 billion, indicating renewed leverage and heightened trading activity across the protocol.

The native HYPE token is also gaining attention as its price structure appears to be following a recurring technical pattern noticed by analysts.

According to Master of Crypto, this pattern consists of a period of consolidation, followed by an upward surge, and then another consolidation phase, with the $98, $100 price region identified as a potential next target for HYPE if the pattern continues.