Hyperliquid (HYPE) is inching toward a major breakout level, with price action tightening just below $40 as new integrations from Phantom and SafePal start shifting user activity across the network.
At press time, HYPE was trading around $39 — a modest 2% daily gain — after spending the past week bouncing between $36.50 and $41.18. The token remains up about 10% over the month, though it still sits roughly 33% below its all-time high from September 18.
Market activity has thinned out during the recent consolidation. Spot volume fell nearly 20% over the past day to $425 million, while derivatives activity dropped 23% to $1.47 billion. Despite this cooldown, open interest climbed 3.6% to $1.74 billion. That combination — lighter trading but rising open interest — often signals that the remaining participants are positioning for a decisive move.
Phantom and SafePal Bring Millions of Users to HyperEVM
Fresh momentum arrived on November 19 when Phantom and SafePal rolled out native support for Hyperliquid and HyperEVM assets.
Phantom, a wallet already used by more than 15 million people, now lets users swap HyperEVM tokens and bridge assets from networks like Solana, Ethereum, Base, and Sui directly into HYPE. It also enables sending and receiving HyperEVM tokens in-app, opening the door for a wave of new retail participation.
SafePal added full Hyperliquid support the same day across both its hardware and software products. Users can open leveraged long or short positions — up to 40x — while managing HyperEVM tokens directly inside the wallet. With a global user base exceeding 25 million, SafePal gives Hyperliquid its broadest reach yet.
SafePal also hinted at exploring deeper collaboration, including a potential “Walletdrop” campaign. For Hyperliquid, the timing is ideal as the network rolls out HIP-3 — an upgrade lowering fees, enabling permissionless market creation, and bringing USDH-based perpetual markets. HIP-3 is expected to push staking demand due to the 500,000 HYPE requirement for launching custom perps.
Technicals Point to a Breakout Setup
On the charts, Hyperliquid is compressing tightly below the $40 mid-range — a level that has repeatedly acted as a pivot. The asset recently carved out a double bottom in the low $30s, forming a foundation that now supports the ongoing recovery.
Momentum indicators remain mostly neutral. RSI sits at 47, while the CCI and ADX show an early-stage trend that hasn’t fully taken shape. However, MACD and momentum readings tilt slightly bullish, suggesting buyers are slowly gaining control.
Moving averages are split: the 20-day through 100-day trend downward, signaling broader weakness, but shorter-term EMAs are pushing higher. Importantly, the 200-day EMA near $38 is acting as a strong support.
A clean break above $40–$41 could open the door toward the top of the range at $44–$50 — a zone that previously stalled multiple rallies. On the downside, losing the $38–$39 support band could trigger a slide back to $36, and potentially even a retest of the low $30s where the recent bottom formed.
For now, traders are watching the mid-range closely. With soaring wallet access, rising open interest, and tightening price action, Hyperliquid is approaching an inflection point that could set the tone for its next major move.
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