Hyperliquid's token HYPE (HYPE) has surged more than 30% in five days to a record near $74, with charts now pointing past $100.
Key Points:
- HYPE broke out of a bull pennant, putting its measured target near $105.
- Hyperliquid now ranks as the second-largest blockchain by 30-day app revenue, at $57.9 million.
- Record open interest and lopsided short liquidations point to a bullish derivatives bias.
HYPE Pennant Breakout Targets $105
The token cleared the upper edge of a symmetrical triangle over the weekend on rising volume, traders reported. The move completed a bull pennant that formed after a sharp late-May advance. That advance built the pattern's flagpole, followed by a tight consolidation.
Pennants usually resolve once price clears the upper trend line.
Measured from the flagpole, the setup points to a target near $105.30 by Jun. or Jul., roughly 45% above current levels. Analysts have projected a comparable move using a longer cup-and-handle read. Momentum, though, looks stretched, with the RSI above 77 on Monday.
A pullback could drag HYPE toward its 20-day exponential moving average near $58.32. A decisive break under that mark would weaken the bullish case.
Also Read: Cardano Tops Every Major Chain In Stablecoin Growth, Up 61% In A Week
Hyperliquid Futures Show Bullish Bias
Derivatives data reinforced the breakout. Open interest has climbed to a record $3.5 billion, up from about $1.41 billion at the start of the year. The jump shows leveraged capital pouring in as the token pushes into price discovery.
Short sellers have taken the bigger hit.
Since May 20, HYPE has logged about $126.28 million in short liquidations against $68.85 million on the long side. The gap suggests bears keep getting forced out as price rises. Further gains could trigger more buybacks toward the $100 zone.
HYPE Revenue Tops Ethereum
Fundamentals leaned the same way. Hyperliquid has surpassed Ethereum (ETH) to rank second among blockchains by app revenue over the past 30 days, at $57.9 million.
Roughly 99% of protocol fees flow into an Assistance Fund that buys HYPE on the open market. Heavier trading therefore feeds recurring demand for the token.
Spot HYPE exchange-traded funds from Bitwise and 21Shares have drawn a combined $122.2 million in net assets since their May 12 debut. The flows point to early institutional appetite. Arthur Hayes, the BitMEX co-founder, sees HYPE clearing $150 and overtaking Solana (SOL).
HYPE bottomed near $20 in January before its months-long climb to record territory. The token has gained about 25% since the CFTC labeled perpetual futures useful tools for price discovery on Friday, a nod that lent weight to the market at the core of Hyperliquid's business.
Read Next: ETH Loses Its Last Floor And Stares Down A Drop Toward $1,800
