Hyperliquid (HYPE) defies sell-off with 45% weekly gain: more upside potential?

“If you’re looking for any kind of long exposure, I think you should have HYPE in your cart first,” one analyst advised.

However, Hyperliquid (HYPE) remains in the green on a weekly basis, and some analysts believe there may be more fuel left for additional gains.

The following goals

At the time of writing, HYPE is trading around $32, which represents an increase of almost 45% from last Monday’s price. The impressive performance contrasts with that of many other well-known cryptocurrencies, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA) and others, which dropped double digits during the period.

X-user Sjull | AltCryptoGems noted HYPE’s rise in recent days, adding that there is “a trading boom” with investors interested in silver and gold on the Hyperliquid platform.

“This has allowed HYPE to reduce selling pressure and deliver a technical breakthrough,” he claimed.

According to X user Altcoin Sherpa, HYPE may experience increased volatility in the short term and then continue to rise. “Hyperliquid has held its own as one of the best alts during the last down market trend for bitcoin, and I don’t expect that to change. Still ranging and still one of the best alts. I would personally be cautious of active positions with the way bitcoin is behaving, and it’s probably better to just buy spot,” the analyst said. declared.

Other market observers who contributed include X-users Mizer and Crypto Chase. The former applauded HYPE for ‘holding up insanely well’ in these turbulent times, predicting that the price is ready to ‘turbo-send’.

“It’s unclear whether or not this is the (local) bottom, but if you’re looking for any kind of long exposure, I think you should have HYPE in your cart first,” they said.

Crypto Chase revealed that they turned their HYPE trade into a spot position ‘while making a profit’. The analyst plans to increase their exposure if the price “breaks down in a major way,” but expects the price to eventually retest $50+ once Bitcoin (BTC) finds “a sustained rebound.”

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The bearish case

While many industry participants believe HYPE can continue its impressive performance for the foreseeable future, the Relative Strength Index (RSI) signals a potential pullback.

The technical analysis tool ranges from 0 to 100 and measures the speed and magnitude of recent price changes. Anything below 30 means the asset is oversold and due for a rally, while ratios above 70 are interpreted as bearish territory. The RSI recently peaked above 70, while it is currently around 66.

In the meantime, the market remains quite shaky and the risk of another pullback remains open, which could impact HYPE. Investors should therefore proceed with caution.