Hyperliquid (HYPE) price climbed over 5% in 24 hours, largely tracking Bitcoin’s broader rally, with a sharp 50% rise in trading volume confirming fresh market participation and strengthening short-term momentum. Despite a major token unlock of nearly 9.9 million HYPE, the market absorbed the added supply without visible stress.HYPE price action now hinges on the $38 resistance level, where a sustained breakout could open a move toward $41, while failure to hold above $36 support may push the token back into consolidation.Hyperliquid price extended its upward move over the past 24 hours, which rose 5.14% to trade near $38.28. The gain places the HYPE token slightly ahead of the broader crypto market, which also moved higher during the same period. The HYPE price action closely followed Bitcoin’s rally, which indicates that macro-driven momentum remains the dominant force behind the move.Hyperliquid Price Surges as Market Shows Glimpse of RecoveryBitcoin climbed more than 4% during the session, which helped lift sentiment across crypto markets. In that environment, assets with higher beta, including Hyperliquid’s HYPE token, responded with sharper upside moves. The rally has been supported by improving regulatory sentiment in the US, i.e., discussions around a potential “Reg Crypto” framework and the rollout of a spot Bitcoin ETF by Morgan Stanley. These developments have helped get fresh capital into the market, which supports risk assets.At the same time, trading activity in HYPE token has gone up. Data shows a 50% increase in 24-hour volume, and reached nearly $288 million. This rise in volume signals revived trader participation and adds credibility to the price move. Increased activity suggests that buyers are stepping in with trust, even as broader on-chain indicators are somewhat mixed. Reports of earlier whale selling and softer social engagement did not turn into immediate downside pressure, which points to resilient demand at current levels.Technically, the HYPE price is approaching a critical resistance zone near $38. The crypto has been trading within a defined range, with support established around $36.38. This range has acted as a consolidation band in recent sessions. A sustained move above resistance could open the door toward the next upside level near $41.27. On the other hand, if the Hyperliquid price doesn’t hold above support, it would likely push the price back into a lower range, with downside risk going beyond toward the $30 area if selling accelerates.Market participants are also tracking the impact of the April 6 token unlock. Around 9.9 million HYPE tokens were released to core contributors as part of a scheduled distribution. Episodes of this scale often introduce selling pressure. But in this case, the market response has remained stable. The absence of a sharp dip implies that the unlock had already been priced in, or that demand was sufficient to absorb the additional supply. This outcome means a degree of market confidence, at least in the short term.Sentiment around the crypto has also been influenced by public commentary. Arthur Hayes reiterated his positive stance on HYPE, describing it as a preferred allocation in the current cycle. He has also predicted a much higher long-term price target, which reinforces bullish expectations among some traders. Even as such views can amplify momentum, price action continues to depend largely on global market direction and liquidity conditions.Beyond short-term trading, Hyperliquid’s positioning within the decentralized finance space remains a key factor. The platform has seen growing interest in tokenized real-world asset trading, with open interest over $2.3 billion. In parallel, protocol-level mechanisms such as treasury buybacks and fee-burning models linked to HIP-4 are aimed at supporting long-term token value.For now, the trend remains constructive but relies on external drivers. The global market environment, led by Bitcoin and institutional flows, continues to dictate the course of action.