Hyperliquid's HYPE Token Surges with $100 Price Target in Sight
Hyperliquid's HYPE breakout puts $100 price target in play

Image: Cointelegraph
Hyperliquid's HYPE token has broken out of a bull pennant pattern, with a potential price target of $105.30. The rally is supported by record open interest in derivatives and strong fundamentals, despite signs of overbought conditions that may lead to a brief correction.
- 01HYPE broke out of a bull pennant pattern, potentially targeting $105.30, about 45% above current levels.
- 02Open interest in HYPE derivatives reached a record $3.5 billion, indicating increased leveraged capital in the market.
- 03Since May 20, HYPE has experienced approximately $126.28 million in short liquidations, suggesting a short squeeze.
- 04Hyperliquid is now the second-largest blockchain by app revenue, generating $57.9 million in 30 days.
- 05The launch of US-listed HYPE ETFs has attracted $122.2 million in net assets, indicating institutional interest.
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Hyperliquid's HYPE token has recently broken out of a bull pennant pattern, suggesting a potential price target of $105.30, approximately 45% higher than current levels. This breakout follows a significant late-May rally and is supported by a record open interest in derivatives, which has surged to $3.5 billion. The positive market sentiment is further underscored by a consistent positive funding rate, indicating bullish demand among traders. However, the relative strength index is above 77, signaling that HYPE may be overbought, which could lead to a brief consolidation or correction. Since May 20, the token has seen about $126.28 million in short liquidations, indicating a short squeeze as bearish traders close positions amid rising prices. Additionally, Hyperliquid has surpassed Ethereum to become the second-largest blockchain by app revenue, generating $57.9 million in the past month. The recent launch of US-listed HYPE exchange-traded funds (ETFs) has also attracted $122.2 million in net assets, reflecting growing institutional interest in the token.
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