Key Notes
- HYPE token surged to a new peak, recording a 50% surge in 24-hour trading volume.
- Technicals show strong bullish momentum with caution for short-term pullbacks.
- Analysts see potential for a 5x–10x surge, if momentum continues.
Decentralized crypto derivatives exchange Hyperliquid’s native token, HYPE, surged to a fresh all-time high of $59.29 in early trading on Sept. 18. At the time of writing, the 11th largest cryptocurrency has settled around $58.68, gaining $1.25 billion in market cap in the past day.
HYPE ranks among this week’s top crypto coins , recording 6% price gain in the past week. According to the data by CoinMarketCap, the token’s 24-hour trading volume has seen a 50% surge, currently sitting around $467 million.
Meanwhile, on-chain analytics firm Nansen noted one aggressive trader with a 3x leveraged long position worth $30.3 million in HYPE, suggesting buying pressure. The trader was holding an unrealized profit of approximately $1.39 million at press time, continuing to add to his position.
Big Bets and Big Ambitions
Hyperliquid has recently captured the attention of many market watchers, including BitMEX founder Arthur Hayes and high-risk trader James Wynn. The platform’s popularity is growing at a high pace, now handling trading volume around 14% of Binance’s.
Hayes celebrated HYPE token’s new peak on X, writing “All-time Hype.” The executive previously predicted that HYPE could see a 126x upside, driven by a massive expansion of stablecoins.
Notably, Hyperliquid has also announced the launch of its own regulated stablecoin USDH on its HyperEVM network.
Continued Momentum for HYPE Price?
On the daily HYPE price chart, the RSI is hovering near the overbought threshold. This signals strong bullish momentum but also warns of a possible short-term pullback. Traders should watch for the immediate resistance around the psychological barrier of $60.
HYPE price chart with RSI and Bollinger Bands | Source: TradingView
Bollinger Bands are widening as HYPE rides the upper band near $59, often a sign of an ongoing uptrend. A decisive break above $60 could target new highs around $65 and beyond.
However, in case of short-term buyer exhaustion, support lies near $52 with a deeper base around the mid-$40 zone.
Crypto analyst Otsukimi shared HYPE’s clear rising channel, calling the current price setup the most promising in the market and well-positioned for a significant rally. He suggested that the structure could fuel a five- to ten-fold price increase from current levels.
If such a move materializes, HYPE could reach above the $250 mark.
