3 Technical Reasons Hyperliquid Price is Outperforming Bitcoin and Ethereum

Hyperliquid (HYPE) is trading at $59.02 today, May 21, after a 20% gain in 24 hours. It has performed better than Bitcoin and Ethereum, which had gone up by only 0.9% and $0.5% in 24 hours, respectively. The HYPE ETF also had $25 million in inflows on May 20, while BTC and ETH had outflows. Three technical reasons now explain why Hyperliquid price is performing better than BTC and ETH.

Institutions Dump BTC and ETH for HYPE

CoinGape reported that Goldman Sachs closed Solana and XRP positions and sold 70% of the ETH ETFs it held. But it bought 654,630 shares of Hyperliquid Strategies (NASDAQ: PURR) worth $3.3 million.

Hyperliquid Strategies is the Strategy of HYPE. Goldman Sachs now has exposure to HYPE after the $3.3 million stock purchase, and PURR stock price reached a record high of $8.71 on May 20 as HYPE also gained 20%.

The HYPE ETF also reached a record of $25 million in inflows on May 20, as Bitcoin saw outflows of $70 million and outflows to Ethereum reached $28 million.

The 21Shares and Bitwise HYPE ETFs have seen consistent inflows since March 12, and they have $58.73 million in net assets.

Analyst Aletheia now says that the market-cap adjusted inflows for HYPE ETFs are higher than Bitcoin and Ethereum spot ETFs.

HYPE is also getting the same attention as ETFs and Hyperliquid Strategies because Grayscale just bought $10 million of these tokens as the price moved towards $60.

Rising Open Interest and Short Squeezes

HYPE price has gone up by 50% in seven days, and the OI is also climbing. Coinglass shows HYPE’s OI is at $2.74 billion, the highest level it has ever been. This OI has gone up by over $1 billion in a week because it was at $1.54 billion on May 14.

But Hyperliquid’s price increase has not barred short sellers who keep expecting the price to drop. The long/short ratio has a reading of 0.90 on Binance, which supports a bullish long-term Hyperliquid price prediction.

These short bets are not paying off because on May 20, there were $24 million short positions that were liquidated. This is the highest since February 3, 2026. Another $12 million in positions had been wiped out today, May 21, at press time.

HYPE price will get to $77  for the first time in history if these short positions keep being wiped out because the traders are being forced to buy.

Hyperliquid Price Targets $77 as Buying Pressure Spikes

Hyperliquid price has gone up by 50% since May 14 because of a lot of buying. The RSI reading of 78 shows this, suggesting that it might even be overbought.

But HYPE might still go past $60 even with this overbought reading because it did that on May 25. The price went from $26 to $40 within four days and only showed exhaustion when the RSI reading reached $85.

The MACD line also shows that bulls have a good grip, and this is making Hyperliquid price perform better than Bitcoin and Ethereum. The MACD bars also support the thesis of buyers being behind the gain of 50% in one week.

The resistance lies at $59.39, and this is the previous record high for HYPE. HYPE will get to $77 if it closes above $59.39.

HYPE is not done gaining, even after going up by 50% in one week, because institutions are buying, OI is climbing, and bulls are maintaining a good grip. All eyes are on the $59.39 ATH level that will open the way for a move to $77.