Hyperliquid (HYPE) Eyes $40 as Analysts Highlight Strong 18% Rally

Hyperliquid (HYPE) rose significantly on Tuesday, February 3, 2026, after the token remained firmly above the $30.00 support level during a broad recovery for the cryptocurrency market after a volatile past week. The token rose by 18.83% intraday and is now trading at $37.04, according to CoinMarketCap data.

Analyst CryptoPulse highlighted that a breakout for HYPE occurred after a bull flag pattern formed as the token concluded its consolidation phase. The bull flag pattern resulted from a strong impulse move and remained valid as long as the token traded above the $31 support zone.

According to the analyst, the breakout for HYPE came after the token traded out of its consolidation channel. The next significant resistance zone for the token is between $40 and $45. The outlook for the coin remained dependent on its performance at its newly established support zones.

Source: X

HYPE Holds Supports Amid Volatility

Moreover, another analyst, Ardi, revealed the token’s resilience across the past two volatile weeks. The analyst said that regaining $35 with conviction would provide a long setup for the $42 target zone. The intermediate trend remained cautious until HYPE fully retested its significant resistance levels.

The critical supports identified were $31.5 and $28.5, which continue to set the market structure. If both levels were lost, it would impact the momentum, potentially leading to a retracement towards $22 for the token.

Source: X

The token has also reclaimed all of the major daily EMA supports for the first time since October. This has positively impacted the higher time-frame structure and the short-term market positioning for the trend. This has been achieved due to the better alignment of the technical indicators.

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On-Chain Activity Rises as TVL and Volume Surge

Hyperliquid on-chain activity shows improvements as liquidity rises for all its contracts. The Total Value Locked (TVL) for Hyperliquid has seen an increase from Monday’s $1.5 billion to $1.635 billion on Tuesday. It has been one of the strongest gains for Hyperliquid TVL this month.

Source: DefiLlama

According to CoinGlass data, the volume has risen by 43.99% to $5.02 billion. The Open Interest has seen an increase of 23.33% to $1.81 billion. The OI-Weighted Funding Rate stands at 0.0077%.

Source: CoinGlass

RSI and MACD Show Strong Bullish Momentum

The Relative Strength Index (RSI) reading on the daily chart was 70.63, which reflected strong upward momentum. The base reading of RSI remained at 54.88, which reflected the sustained buying pressure.

The Moving Average Convergence Divergence (MACD) reading also reflected strong upward momentum. The MACD line recorded a reading of 1.179, and the signal line remained at 1.060. The histogram reading is at 2.238.

Source: TradingView

Cryptocurrency managed to preserve its breakout pattern as traders monitored resistance levels. The token managed to hold gains as spot and derivatives trading volumes remained high. The next trading session will show if the token extends gains toward the upper resistance zone.

Also Read: Hyperliquid’s HYPE Rockets 30% Toward $35 Amid $1B Silver Surge