The HYPE token by Hyperliquid is showing signs of a bullish breakout, supported by technical analysis and derivatives data. The cryptocurrency is currently trading around $24 and is consolidating within a symmetrical triangle pattern. Key resistance is at $25.85, with a breakout target of $35.37. The OI-weighted funding rate has surged, indicating a strong influx of long positions and growing bullish sentiment. The support zone at $22.91 is crucial for bulls to defend, while a breach above resistance could lead to an extended rally. CoinGlass on-chain data suggests traders are aggressively opening long positions. The increase in funding rates coincides with price upswings historically. However, excessive funding rates could result in a long squeeze and sharp price corrections. The project's competitive edge and long-term prospects are emphasized, fueling adoption and accumulation of HYPE tokens. Market analysts recognize the team's strategic decision-making and market insight, contributing to the cryptocurrency's potential for growth.



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