Hyperliquid price is holding strong above key support as momentum builds, with participants eyeing a breakout towards $52 despite rising whale activity and growing competition.

Hyperliquid is once again under the spotlight as market momentum builds across the broader altcoin sector. With technical setups pointing towards continuation and strong fundamentals backing its valuation, market watchers are debating whether this could be the start of HYPE’s next big leg higher.

Conviction Grows as Demand Picks Up

Momentum indicators are signaling strength, with price action holding firmly above prior resistance levels. Market participants highlight the upcoming “Uptober” narrative, with expectations that ETF filings, HIP proposals, and steady institutional demand will continue fueling sentiment.

Hyperliquid’s current price is $45.13, up 6.42% in the last 24 hours. Source: Brave New Coin

Artommy noted that conviction is rising despite noise in the market, emphasizing the steady uptick in on-chain activity. Trading volume has also shown consistency, reinforcing the idea that buyers are stepping in at each dip and maintaining Hyperliquid’s broader bullish structure.

Hyperliquid Technical Levels Highlight Room for Expansion

Zooming into the charts, Hyperliquid has been bouncing between $38 and $46, a range that participants see as a springboard for a breakout. A clean defense of the $38 to $40 support zone would open the door for a 50% extension higher, putting $58 to $60 back on the map.

Hyperliquid bounces within the $38–$46 range, with analysts eyeing a rounded bottom setup that could target $58–$60. Source: Nehal via X

Nehal’s analysis highlights how the current four-hour structure is forming a base, with the potential for a rounded bottom setup if $38 continues to hold. This technical formation aligns with past recoveries where price retraced into demand before surging higher, suggesting the setup remains constructive for bulls.

SWPE Ratio Signals Undervaluation

While technicals lean bullish, fundamentals are also flashing opportunity. The Supply Weighted P/E (SWPE) ratio now stands near 2.7, a level historically associated with oversold conditions. Earlier this year, a similar reading aligned with HYPE trading as low as $10 before a strong rebound.

Hyperliquid’s SWPE ratio near 2.7 signals potential undervaluation, echoing conditions that preceded its rebound from $10 earlier this year. Source: NMTD via X

According to NMTD, this suggests that the token remains undervalued relative to its earnings capacity. However, the analyst also cautioned that accumulation in spot markets may be a safer strategy in the short term, especially as larger holders rotate positions. Still, the valuation backdrop supports the case that HYPE’s mid-term trajectory remains higher.

Hyperliquid Price Prediction Targeting $52

If the current structure holds, the next key zone sits near $52, an area that traders are watching closely as a likely magnet for price. A breakout above $46 could trigger momentum that carries HYPE Hyperliquid price towards this level, where profit-taking may come into play.

Hyperliquid builds on higher lows since July, with traders eyeing $52 as the next major price target. Source: Mia via X

Mia emphasized that $52 remains the logical near-term objective, with the chart showing a sequence of higher lows forming since July. This steady trend, paired with the defense of moving averages, reinforces the argument that HYPE Hyperliquid is building for another attempt at expansion.

Increasing Problems for HYPE Hyperliquid

Despite the constructive outlook, risks remain in play. Whale activity has shown signs of renewed selling, with $HYPE outflows increasing in recent days. Data shared by Alex revealed multiple large transactions unloading tokens in the $44 to $45 zone, a development that could weigh on short-term momentum.

Whale outflows between $44 and $45 highlight rising selling pressure that could slow Hyperliquid’s short-term momentum. Source: Alex via X

Competition also looms. Moneylord pointed out that Aster currently generates four times HYPE’s revenue while trading at a fraction of the valuation. This relative imbalance suggests that capital could rotate away from Hyperliquid if the narrative cools.

Aster’s revenue outpaces Hyperliquid by 4x despite a lower valuation, raising concerns of capital rotation. Source: Moneylord via X

Taken together, these signals point to a mixed backdrop: while bullish technicals and strong fundamentals dominate the current setup, rising whale distribution and competitive pressure serve as reminders that Hyperliquid’s road higher may not be one-directional.