- Hyperliquid (HYPE) is trading around $19, eyeing the critical $20 resistance level after a 4% daily gain and a surge in trading volume nearing $6B.
- Open interest has hit an all-time high, suggesting strong organic user activity, with Hyperliquid now commanding 83% of total DEX volume.
- Rumors of a second HYPE airdrop are circulating after updates to the points page UI, fueling speculation and renewed buying interest from airdrop hunters.
The spotlight’s back on Hyperliquid (HYPE) this week, with the token floating just below a key psychological level — the big $20. At the time of writing, HYPE is trading around $19, clocking in a 4% gain in the last 24 hours, and sporting a market cap that’s pushing past $6 billion, according to CoinGecko.
So… what’s fueling the hype (pun intended)? Let’s break it down.
All Eyes on $20: Technicals Heat Up
$20 isn’t just a random number — it’s a major resistance level, both technically and psychologically. And with trading volume nearly doubling in a day, HYPE’s price action is definitely heating up.
Beyond that, open interest on Hyperliquid has hit an all-time high, according to data from Hypeflows. For context, some analysts argue that open interest can tell a more honest story than regular volume. It’s less about whales dumping bags and more about actual user engagement — and in this case, possibly a surge of new retail users jumping in through decentralized rails rather than big centralized exchanges.
Right now, Hyperliquid commands 83% of total DEX volume, pulling in close to $6 billion in trading over just 24 hours. That’s not just impressive. That’s dominance.
Rumors of a Second Airdrop — Fuel on the Fire?
And then there’s the buzz. If you’ve been hanging out on Crypto Twitter or lurking in Telegram, you might’ve caught wind of it: another airdrop might be brewing.
According to a few well-known community voices, the points page interface just got a refresh on testnet, which has sparked rumors that Season 2 of Hyperliquid Points might be on the way. This is the same system that powered one of the most talked-about airdrops in recent memory — and yeah, it made some serious waves.
For folks who missed out the first time around, a second season could be a chance at redemption. Airdrop hunting is big business these days, and anticipation alone might be pushing HYPE’s recent rally.
Final Take
With strong volume, rising open interest, and fresh airdrop speculation, Hyperliquid is back in the driver’s seat — and $20 is the next test. If bulls break through, don’t be surprised if we see another leg up, especially with retail eyes locked on that airdrop tease.
But hey — crypto’s never boring. Let’s see how this one plays out.
