HYPE, the native token of the Hyperliquid Layer-1 ecosystem, has been on a bullish trajectory, with the potential for an 80% upside move if it maintains its current momentum. The token has recently hit an all-time high of $45.57, driven by increasing adoption and institutional interest.
Despite a recent pullback in the broader crypto market, HYPE has managed to hold key support levels and remains in a constructive mid-term trend. On the technical front, the token has been trading within a bullish ascending channel since April, with price action respecting the 78.6% Fibonacci retracement level near the lower channel boundary. The 20-day exponential moving average is acting as dynamic support, indicating a favorable outlook for further upside potential.
If HYPE manages to rebound decisively from current levels, it could target the 1.618 Fibonacci extension at $68.3, representing an 80% increase from the current price level. On the other hand, a break below the 20-day EMA could signal short-term weakness, potentially leading to a correction towards the 50-day simple moving average at $31.52.
Institutional investment and whale accumulation are driving positive sentiment around HYPE. Nasdaq-listed biotech firm Eyenovia has announced a $50 million investment in HYPE tokens and plans to rebrand as Hyperion DeFi. Additionally, Lion Group has secured a $600 million credit line to build a treasury around HYPE, Solana, and Sui, with plans to list in Asia. Whales have also re-entered the HYPE markets, with a recent $4 million deposit in USDC on the Hyperliquid exchange signaling renewed confidence among deep-pocketed holders.
On-chain metrics support the bullish case for HYPE, with total value locked in the Hyperliquid ecosystem surging to $2.41 billion in the past 30 days. The protocol’s revenue model, which directs 97% of revenue towards token buybacks, creates consistent demand and supply-side pressure that favors long-term appreciation. Fee revenue and buyback volumes have been steadily increasing over the last six months, reinforcing the asset’s bullish structure.
With price holding key support levels and momentum building, HYPE remains technically positioned for further upside potential. As always, it’s important to conduct thorough research and consider all factors before making any investment decisions.