Price Prediction
HYPE Price Analysis: Can Falling Open Interest Trigger a Short Squeeze?
Hyperliquid's HYPE token hovered near $76.50 on October 26, with traders monitoring a thin derivatives market for signs of a squeeze. Open interest had declined by 10.92% over the past 30 days, indicating reduced exposure. The price had gained 1.77% over the previous 24 hours, but open interest fell 1.21%, suggesting traders were unwinding their positions. The article discusses the distinction between traders exiting and short sellers exiting, and the implications for the market. It also mentions that Binance trading accounts held long positions, and forced closures were mostly on longs, indicating pressure on buyers rather than short sellers. The chart shows a brief move below support, indicating potential liquidity issues.