Hyperliquid (HYPE) has emerged as one of the top performers in the cryptocurrency market this month, gaining over 22% in the last 30 days. With the token’s price climbing steadily, it’s generating buzz among investors who are now closely watching its next move. Today, HYPE saw a significant 7.12% increase in just 24 hours, securing its position among the daily top gainers. But the big question is: can Hyperliquid maintain its bullish momentum and hit the $30 mark?

Strong Monthly Gains and Bullish Sentiment

Hyperliquid has consistently shown impressive price action this year, outperforming many top altcoins. The coin’s 30-day return of 22.16% reflects an ongoing positive sentiment around it. Over the past week alone, HYPE saw a 12.91% increase, and with a Year-to-Date (YTD) return of +13.79%, the altcoin has captured the attention of traders and investors alike.

With a market capitalization of $9.081 billion, Hyperliquid now sits at the 19th spot in the rankings, solidifying its position as a strong contender in the crypto market. Additionally, HYPE’s trading volume is noteworthy, currently sitting at $157.74 million in 24-hour trades, showing a healthy level of investor interest.

Technical Indicators Suggest Strong Bullish Momentum

Hyperliquid’s bullish trend is being supported by several key technical indicators. The 50-day and 200-day Exponential Moving Averages (EMA) recently formed a “Golden Cross,” a classic technical pattern that signals increasing buying pressure. This development is considered a positive sign, indicating that the token is in a strong upward trajectory.

Another indicator that reinforces this positive outlook is the Moving Average Convergence Divergence (MACD), which continues to display a green histogram. The MACD measures the difference between two moving averages, and a consistent green histogram suggests sustained bullish momentum. Given these technical signals, it appears that HYPE could continue to rise in the near future.

Price Levels to Watch

Looking ahead, HYPE’s immediate resistance level is $29.90. If the token can hold above this level, it could pave the way for a push toward its next target of $35.50. However, the path forward won’t be without challenges.

Should the bullish sentiment falter, there is potential for the price to retrace to its support level around $24.30. If the market turns bearish, HYPE could even dip further, testing the lower support level at $18.25. The next few days will be crucial in determining whether the token can maintain its upward trend or face a setback.

Growing Investor Interest

The recent surge in HYPE’s price is fueling growing curiosity among institutional investors and retail traders alike. Investors are keen to understand whether this upward movement is sustainable, with some wondering if Hyperliquid can maintain its rally to reach new price milestones. As the market sentiment remains bullish for the time being, many believe that HYPE is poised to continue its ascent, provided that external market factors remain favorable.

The impressive 22% monthly return shows that Hyperliquid is not just a short-term play but a token with long-term potential. As it remains among the top gainers, HYPE continues to attract attention from both retail traders looking to capitalize on the momentum and institutional investors betting on its future growth.

Conclusion

With strong technical indicators and solid market sentiment, Hyperliquid (HYPE) is positioned for further gains in the near future. While resistance levels remain at $29.90 and $35.50, the next few days will be crucial in determining whether HYPE can maintain its bullish momentum or face a short-term pullback. Investors will need to keep an eye on these price levels as well as the broader market sentiment. If the positive trend continues, HYPE could very well be on track to hit new heights.