- *Hyperliquid price trades around $21.20 on Wednesday after rebounding nearly 6% so far this week.*
- *CoinGlass data shows HYPE open interest reaches a new all-time high of $697 million, suggesting a bullish outlook.*
- *Ethena launches USDe stablecoin on Hyperliquid, bringing the Dollar-pegged asset to a fast DeFi and derivatives hub.*
Hyperliquid (HYPE) is on a charge, now trading at $21.20 on Wednesday, after rising by almost 6% this week. But the real story here? Open Interest exploded on this decentralized perpetual trading platform and Layer1 to an all-time high of $697 million as reported by CoinGlass. All this bullish capital flow means one thing for HYPE: bull set. To keep the ball rolling, Ethena Labs just launched their USDe stablecoin on Hyperliquid this Monday, dropping a Dollar-pegged stable asset directly into this lightning-fast DeFi and derivatives power.
* Hyperliquid Open Interest reaches new all-time high *
Truly living by its name, HYPE by Hyperliquid witnessed open interest in HYPE futures jump tremendously to hit $676.03 million on Wednesday, crossing the previous record of $622 million on Monday. OI points toward new capital flowing in, along with aggressive bids that may fuel further upside moves for Hyperliquid-a lift off, here we go!
HYPE Open Interest chart. Source: Coinglass
No more sluggish on-chain transactions! USDe stablecoin by Ethena Labs recently entered Hyperliquid, now offering an extra dose of dollar-pegged stability to the already ablaze derivatives playground. Trade at speed and enjoy USDe’s security on the HyperEVM blockchain.
Hyperliquid definitely upped the ante! Adding an integration with USDe does not merely stand as a checkmark; instead, it serves as a massive HYPE trigger. The native token is set to explode with increased utility and mass adoption. Meaning more trading volume, a tsunami wave of stablecoin liquidity flood in, and a big neon sign flashing “Growth” due to acclaimed DeFi partnerships. USDe is the spark; HYPE is rocket fuel.
USDe is now live on both @HyperliquidX exchange & HyperEVM 🫳🏻
HyperCore users will earn daily rewards auto airdropped on top of their USDe spot exchange balances USDe fills the opportunity for a scalable rewarding dollar asset within the Hyperliquid exchange & ecosystem HYENA… pic.twitter.com/rbffoZh9ZJ Ethena Labs (@ethena_labs) May 5, 2025
* Hyperliquid’s technical outlook suggests 17% gains ahead *
Hyperliquid bulls had defended the support near $19.24 on Tuesday, setting in motion a minor price recovery. This key zone almost coincided with the 50.00% Fibonacci retracement at $18.90 from the February 14 high of $28.53 to the April 7 low of $9.28. HYPE is trading freshly around $21.23 as of today, hence suggesting perhaps a stronger bullish bounce.
Things are heating up for HYPE! If the bulls maintain their grip on it, expect a surge of 17% to hit the key psychological barrier at $25. Put on your safety belts: the ride may be too crazy!
Bulls are on the charge. RSI is loudly calling the bulls at 66, well past the neutral zone. Confirming the craziness is the golden cross just appeared on the MACD chart, almost a surety the uptrend will carry forth. Now, fasten your seat belts.
HYPE/USDT daily chart
At $19.24, HYPE teeters on a knife-edge. If it slips below this daily line, then the freefall will end in it crashing back to its April 28 low of $16.90. Keep an eye on this; the bulls must now rally to save the support, or else it will give way.
Thanks for reading Hyperliquid bulls aim for the $25 mark as open interest reaches a new all-time high
