Hyperliquid (HYPE) is making waves in the crypto market once again after bouncing back above the $40 level, fueled by renewed investor enthusiasm and a powerful whale buy worth over $8.6 million. In just 24 hours, the token surged by 6.58%, signaling that bullish momentum is far from fading. As excitement builds, analysts and traders alike are watching closely to see whether HYPE can break through its previous all-time high of $45.80—and potentially soar even higher.

At the center of this renewed momentum is a familiar market-moving whale. Known for previously realizing $8.44 million in profits from HYPE trades, this investor has re-entered the market with conviction. According to on-chain data, the whale purchased 215,850 HYPE tokens valued at approximately $8.66 million. This sizable acquisition not only reintroduces a major liquidity injection into the token’s ecosystem but also appears to have catalyzed a wave of speculative interest across the broader market.

Whale movements are often significant because of their ability to sway market sentiment and trigger broader trading patterns. In this case, the renewed whale interest seems to have encouraged retail futures traders to follow suit. Data from CoinGlass shows a noticeable uptick in HYPE’s Funding Rate, which reached 0.0084% over the past day. This metric reflects increasing long positions in the futures market and suggests that more traders are betting on a continued rally.

Open Interest—the total value of active derivative contracts—also supports this narrative. The figure climbed by 4%, bringing total Open Interest to $1.84 billion. This increase points to rising liquidity and higher engagement from speculative traders, which are often precursors to major price movements. When combined with a positive Funding Rate, this trend underscores growing confidence that HYPE’s upward momentum is not just a short-lived spike, but part of a larger bullish setup.

Trading volume has also surged, now standing at $1.56 billion—the highest recorded since June 26. This volume increase adds further legitimacy to the rally, showing that the price movement is being supported by strong participation from both spot and derivatives markets. High volume typically indicates broader market consensus and enhances the credibility of any potential breakout.

From a technical standpoint, HYPE’s price action is forming a textbook bullish pattern. The asset is currently trading within an ascending triangle, a well-known formation in technical analysis that combines rising support levels with horizontal resistance. This type of setup often leads to upward breakouts when buying pressure overcomes sell walls near resistance zones.

The resistance in question is just below HYPE’s all-time high of $45.80. If the bulls manage to push through, analysts believe the token could surge another 41%, potentially reaching a new target around $56. Such a move would not only mark a new price milestone for HYPE but also reinforce the idea that the token is entering a new phase of institutional and retail demand.

Still, caution is warranted. While current indicators are overwhelmingly bullish, the market remains sensitive to macro shifts and sentiment changes. If momentum stalls or buying pressure weakens near the resistance level, HYPE could remain trapped within the triangle pattern for a prolonged period. This would likely lead to sideways movement and delay any breakout attempts.

Despite these risks, the overall picture remains favorable. Whale re-entry, rising Open Interest, increased Funding Rates, and surging volume all suggest a strong foundation for further gains. Market participants will now be closely watching the next few sessions to determine whether HYPE has the strength to punch through resistance and chart a new all-time high.

For now, all eyes are on the $45.80 mark. If that ceiling breaks, HYPE could enter a price discovery phase that leads to its most explosive rally yet.