Hyperliquid Price Eyes $55 as Coinbase Deal Boosts HYPE

The Hyperliquid price is up 6.68% during Thursday’s U.S. market hours to trade at $41. The uptick follows Bitcoin’s sustainability above the $79,000 support after the macroeconomic pressure kept bearish sentiment high due the hotter than expected U.S. inflation data released yesterday. However, the HYPE coin shows strong resilience above the $38.7 floor amid its partnership announcement with Coinbase and active accumulation from high-networth investors. 

Coinbase Strengthens Onchain Strategy with Key USDC Role on Hyperliquid

Coinbase is expanding its footprint in decentralized finance by becoming the official treasury deployer of USDC on Hyperliquid, one of crypto’s fastest-growing trading platforms. The two companies announced their partnership on Thursday.

The agreement will see Coinbase handle and provide the liquidity directly into Hyperliquid’s trading infrastructure via the network’s Aligned Quote Asset (AQA) system. This integration allows for the smooth integration of stablecoin reserves into the exchange and enables the protocol to benefit from the income generated by the reserves.

In the process, Native Markets, which built Hyperliquid’s native stablecoin USDH, will hand over rights to the USDH brand assets to Coinbase. During a migration time period USDH will remain convertible to USDC or fiat before being phased out over time.

The move supports Coinbase’s broader effort to grow USDC adoption beyond Ethereum and centralized exchanges, especially as competition among stablecoin issuers intensifies.

This year Hyperliquid has been a high-performing project, attracting traders because of its high-performance perpetual futures trading experience: low fees, high liquidity, tight spreads and smooth experience similar to the top centralized exchanges. Trading activity has ramped up, with daily supply of USDC trading on the network increasing by approximately a factor of 2 compared to one year ago, currently standing at ~$5 billion.

Coinbase and Circle have positioned themselves at the center of this booming platform, providing them with increased exposure to the thriving speculative trading and tokenization scene. Native Markets highlighted that Coinbase’s involvement as a major regulated player will boost Hyperliquid’s liquidity and credibility.

This partnership is part of a broader industry trend where stablecoins are becoming more integral to key trading and collateral and treasury systems that need to operate around the clock, worldwide. Coinbase believes that this is a step towards creating a more cohesive on-chain capital markets landscape that will allow for smooth transactions both within the blockchain space and from fiat to crypto assets and vice versa over the blockchain rails.

Whale Wallets Pour Millions Into HYPE Despite Price Dip

HYPE’s recent activity has seen large cryptocurrency investors invest tens of millions of dollars on the platform. One address deposited more than $7 million in USDC with several limit buy orders ranging from approximately $31 to $36. Another transferred $2.43 million and straight away bought over 62,000 tokens at the time. 

Another wallet belonging to a16z, a venture capital firm, has just added another 50,000 HYPE for close to $2 million over the past eight hours. Over the past month, this same wallet has netted 1.64 million tokens worth approximately $69 million, but the wallet is now in the red with over $6 million. 

Such concentrated buying by sophisticated players points to sustained conviction in the asset even amid short-term price pressure. 

HYPE Open Interest Slump Hints at Cooling Trader Sentiment

The Hyperliquid open interest (OI),Open Interest (OI), projecting the outstanding value of outstanding futures and options contracts has witnessed notable decline. According to Coinglass data, the HYPE’s OI value has declined from $1.93 billion to current value of $1.54 billion, registering a 20% drop.

This decline in open interest indicates that futures traders are either liquidated due to sudden market movement or reducing their exposure to HYPE amid rising market uncertainty. If the falling open interest accompanies a price correction, it suggests the current downtrend is being driven by fading buying interest rather than aggressive short buildup. However, the reduced leverage in the market could also help stabilize volatility and lay the foundation for a healthier recovery once fresh demand returns.

Historically, this divergence of whale buying and retail cautiousness has often coincided with major market reversal or sustained recovery in price.

Hyperliquid Price Eyes Next Recovery Leap Within Channel Pattern

Since mid-January, the Hyperliquid price has witnessed a sustained recovery from $20.48 to $42.8, registering a gain of 106%. Interestingly, the upswing resonated strictly within two parallel trendlines which acted as a dynamic resistance and support for traders.

Until the two trendlines are intact, the Hyperliquid HYPE8.71% price could drive a steady higher high and higher low trend. The intraday jump of nearly 9%, the coin price rebounded from the support region around the channel’s bottom trendline. 

The previous reversal from the channel support managed to bolster a rally of 70% to $87. Thus, the recent reversal is expected to renew the bullish momentum in HYPE, potentially driving another 30% surge to $55.

The HYPE price positioned above the key daily exponential moving averages (20, 50, 100 and 200) indicate broader market bullish sentiment. These EMA slopes could continue to act as dynamic support for buyers.

The momentum indicators RSI (Relative Strength Index) at 54% further reinforces the recovery potential of this asset.

On the contrary, if the new-driven rally failed to hold the Hyperliquid price above $38 floor, the sellers could attempt a bearish breakdown below the channel support. A possible breakdown below the dynamic resistance will invalidate the aforementioned bullish thesis, and drive an expected correction in price.