- Hyperliquid (HYPE) is eyeing $45 with backing in place around $40.
- The token has a strong market cap of $12.88 billion and a 24-hour volume of $239.75M.
- Whale buying worth $2.5 million fueled a 300% rise in prices since April.
HYPE continues to exhibit remarkable strength and ascending motion, while most cryptos struggle to gain traction in a neutral market. The token has been continuously depicting a constant price direction, and as we write, it is trading at a rate of $38.77.
With a slight 0.71% decline over the previous 24-hour direction of trading, it has attracted remarkable attention due to a rising trading volume of $239.75 million and a sturdy market capitalization of $12.88 billion.
The token is up more than 300% in the past eight weeks, surging out of April bottoms to a new all-time high in the low $40s. The incredible bounce has been driven almost entirely by rising demand on Hyperliquid’s local decentralized exchange (DEX), now dominating close to 70% of the decentralized perpetuals trading market.
The network is also among the top-ranking Layer-1 chains by total value locked (TVL), with a total value of approximately $1.75 billion locked in its ecosystem, a testament to user confidence and growing liquidity.
Also Read: Hyperliquid Eyes Bullish Reversal as TVL Surges Over 80%
Whale Accumulation Drives HYPE Momentum and Confidence
The buyback model of the token is acting as a pillar to its pricing model. Apart from its increasing market influence, nearly 97% of charges in the protocol are consumed in buying back HYPE tokens.
As a result, the Delegated Assistance Fund now has over $1 billion worth of tokens, effectively backing a stiff price floor and reducing downward tension when market corrections are occurring. This kind of protocol-initiated support has caused the token to be prominent among other cryptocurrencies.
Moreover, on-chain data also indicated increasing whale accumulation during June. A massive $2.5 million buy that took place around the $35.4 level helped drive prices through to over $40.
Such accumulation over recent days, particularly by large holders, has strengthened market positivity and prompted the bull run. Despite overall market indecision, the token has been more successful vis-à-vis top altcoins like SUI and SOL, indicating more solid technical strength.
HYPE Price Eyes $45 Breakout Level
Looking ahead, technical analysts are closely eyeing significant support areas around $40 and $42. Based on analyst Stuart, who is closely followed, a bounce back through that area could propel HYPE to around $45.
Failing that support area, a potential pullback around the $30–35 area could be next. Buyers are advised to await clear signals before opening new positions due to the token’s increasing volatility.
The combination of market leadership, tactical buybacks, and mass-scale investor optimism has made Hyperliquid a top performer in an otherwise lethargic market.
With good fundamentals and technicals both aligned, HYPE is all set to keep rising, provided major support levels remain robust.
Also Read: HYPE Price Prediction: Market Turns Bullish and Eyes $43 Resistance
