TL;DR
- HYPE bounces from $34 to $47, eyeing the $50 mark like a hungry wolf chasing a rabbit.
- Open interest jumps 5% to $2.02B, traders betting their last shirts on a potential breakout.
- Network rakes in fees, fueling a steady stream of buybacks that keep the market thirsty for more.
Hyperliquid (HYPE) is trading at $47, creeping ever so closely to its peak of $50. After a 20% nosedive earlier this month, the token has clawed its way back from the $34-$35 range, now poised above the $44.70 support level. Market sage McKenna opines that the surge is “led by spot buying” with the AF (Activity Factor) ratio above 5%, signaling that sellers have run out of steam. He also forecasts “more than $5 million per day in buybacks” to soak up the supply above $50 in the coming weeks.
$HYPE now flirting with all-time highs while open interest took a significant hit.
The climb has been fueled by spot buying and AF absorption, with the AF ratio >5% hinting at depleted sellers.
Orderbook above $50 is a bit crowded, but expect a new wave…
– McKenna (@Crypto_McKenna) August 13, 2025
The August dip saw open interest plummet by 12%, equivalent to 4.8 million HYPE, as leveraged bets were liquidated. However, the current figures are still shy of pre-dip levels. According to Coinglass, open interest has rebounded 5% to $2.02 billion, aligning with the recent price rally and suggesting that traders are gearing up for a potential breakthrough at $50.
Trading volume has surged 19% to $2.59 billion over the past day, with buyers consistently active and funding rates hovering near neutral, indicating a balanced market without a clear bias. McKenna emphasizes that the rally is grounded in spot market flows rather than excessive leverage, typically leading to more sustainable price movements.
Crypto Aman reports that Hyperliquid has outpaced all other networks in fee generation over the past month, with a portion of these earnings directed towards HYPE buybacks, continuously stoking demand for the token. Analyst Rand predicts that “$100 could be in play in the coming months” if the current momentum holds, with a breach of $50 placing HYPE in uncharted waters with minimal historical resistance.
Hyperliquid leads the pack in fees generated over the past 30 days, funneling a chunk of the revenue into $HYPE buybacks.
Are you riding the HYPE wave? 🌊🚀
– Crypto Aman (@cryptoamanclub) August 13, 2025
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2025-08-14 12:18