Hyperliquid (HYPE) extended its upward trajectory on Thursday, gaining approximately 2% after a nearly 3% advance in the prior session. Sustained corporate demand and improving derivatives activity have underpinned the token's momentum, pushing HYPE toward its 50-day Exponential Moving Average (EMA) near $58.37 — a level that represents the next significant technical hurdle.

A decisive break above this moving average could open the path toward the $62.58 supply zone, though the level has yet to be reclaimed on a daily closing basis.

Corporate Treasuries Deepen HYPE Exposure

Corporate interest in Hyperliquid remains robust, with digital-asset treasury firms focused on HYPE expanding their positions while benefiting from the token's appreciation. The trend mirrors a broader wave of publicly listed and private entities adopting single-token treasury strategies — an approach pioneered by firms accumulating Bitcoin and now extending to Layer 1 protocol tokens and exchange-native assets.

Hyperliquid Strategies held 17.60 million HYPE as of the second quarter, up from 12.50 million in January. The market value of those holdings rose from $703 million at the end of Q1 to approximately $980 million in Q2.

Hyperion DeFi also modestly increased its treasury position, growing from 1.88 million HYPE to 1.93 million. The value of its holdings climbed from $77 million at the close of Q1 to $107 million in Q2 — a $31 million fair-value increase.

Digital-asset treasury companies can provide sustained demand by accumulating and holding tokens over extended periods. Conversely, concentrated corporate holdings may introduce selling pressure if treasury firms subsequently reduce their exposure.

Derivatives and Retail Activity Intensify

Retail participation and derivatives activity have strengthened in tandem with the price recovery. According to CoinGlass data, HYPE futures Open Interest rose more than 4% over the past 24 hours to $2.39 billion. Rising Open Interest indicates an increase in the notional value of active contracts, potentially reflecting the opening of new positions.

Trading volume surged 45% over the same period to $1.60 billion, signaling heightened trader engagement as HYPE tests key resistance. The simultaneous increases in price, volume, and Open Interest are consistent with fresh capital entering the market rather than gains being driven solely by the closure of existing positions.

Liquidation data further reflects a short-term bullish bias. Over the previous 24 hours, short liquidations totaled $1.34 million, far exceeding $251,040 in liquidated long positions. This imbalance suggests that rising prices forced bearish traders to close leveraged bets.

HYPE's funding rate remained positive at 0.0080%, despite brief excursions into negative territory. A positive funding rate indicates that long position holders are paying short holders, reflecting a willingness to pay a premium for bullish exposure.

While these metrics are supportive of further gains, elevated leverage can amplify volatility. An unexpected reversal could trigger cascading long liquidations and renewed downward pressure.

Technical Structure Holds Above Long-Term Support

HYPE continues to trade above its 200-day EMA at $51.29 and a rising trendline near $53.05, levels that reinforce the token's broader constructive structure and could attract buyers should the recovery lose momentum.

The Moving Average Convergence Divergence (MACD) indicator has crossed above its signal line with a positive histogram, suggesting that bullish momentum is gradually rebuilding. The Relative Strength Index (RSI) stands near 50, indicating neutral conditions and leaving room for further upside before the token reaches overbought territory.

The 50-day EMA at approximately $58.37 remains the immediate resistance governing HYPE's short-term outlook. A decisive daily close above this level could confirm strengthening momentum and pave the way toward $62.58. Failure to reclaim it, however, could prompt another pullback toward the rising trendline at $53.05, with the 200-day EMA at $51.29 serving as the next meaningful support below that.

For now, growing corporate holdings and improving derivatives metrics favor the recovery, though a confirmed breakout above $58.37 remains the key technical threshold for its continuation.