• HYPE rises above $36.50 resistance, showing potential for a 30% rally toward $48.
• Trading volume and TVL growth indicate strong market participation and investor confidence.
• Top holders reduce positions, signaling possible short-term price corrections despite bullish momentum.

Hyperliquid’s HYPE has caught traders’ attention as its price continues climbing despite broader market weakness. The token surged more than 6.50% in the past 24 hours, reaching $36.91. Trading volume spiked over 45% to $451.98 million, showing strong market participation. Analysts and investors are closely watching the $36.50 resistance level. A decisive move above that could trigger a significant rally, potentially pushing HYPE toward $48 in the near term.

Oil on Hyperliquid just exploded +17%.

And this is where it gets interesting.

When macro volatility enters the market, derivatives exchanges become the biggest winners.

More volatility → more liquidations → more trading volume.

And right now the center of that activity is… pic.twitter.com/hYb7R6s53J

— Wolf of Crypto (@WolfsterCrypto) March 9, 2026

Technical Setup Suggests Upside Potential

HYPE’s daily chart shows the asset testing a major resistance level at $36.50. This hurdle has been holding since November 2025, making a break above it highly significant. The recent three-day surge of over 24% demonstrates strong buying interest and momentum. Analysts believe that if HYPE closes a daily candle above $37, it could unlock roughly 30% upside, potentially hitting $48 in the coming days.

Technical indicators support this bullish view. The Relative Strength Index (RSI) stands at 67.31, signaling HYPE is below overbought levels and may continue upward. The Chaikin Money Flow (CMF) reads 0.17, pointing to steady buying pressure. These metrics suggest that momentum remains healthy, though caution is warranted given past reversals near this resistance.

Traders are closely monitoring key support and resistance levels. CoinGlass derivatives data shows $20.39 million in long positions at $34.90 and $7.99 million in short positions at $37.40. This highlights that traders believe HYPE is unlikely to fall below the $34.90 support, while many see upside potential if the token breaches $37.40.

Market Confidence and Potential Reversals

Investor confidence in Hyperliquid extends beyond price action. Total Value Locked (TVL) in the protocol has grown from $4.247 billion to $4.507 billion since early March 2026. Rising TVL indicates increased capital inflows and suggests that the market believes in the platform’s long-term prospects. However, analytics show some caution among top holders.

Nansen reports that HYPE’s 100 largest wallets have reduced their holdings over the past 24 hours. This could signal profit-taking or anticipation of short-term price corrections. While momentum remains bullish, traders should consider that large-holder activity may influence short-term movements. HYPE has shown impressive strength despite market challenges.

Trading volume, technical momentum, and TVL growth all point to potential upside. The $36.50-$37 range is critical for triggering a rally toward $48. Still, cautious monitoring of top-holder behavior and market reactions is essential. Traders should weigh bullish signals with the risk of short-term reversals before making decisions.