Hyperliquid (HYPE) is storming new heights: is the rise to $300 realistic?
On June 16, the Hyperliquid (HYPE) token set a new all-time price record, reaching the $77 mark. The daily increase was over 10%, and this momentum was supported by a strong influx of capital into spot exchange-traded funds (ETFs) focused on the asset.
At the time of writing this analysis, HYPE is trading near $74.61, which is 67% higher than the same period last year. The project's market capitalization stands at approximately $16.57 billion, allowing it to confidently hold the tenth position in the global cryptocurrency ranking.
Institutional Interest as a Growth Driver
The key catalyst for the current rally was a massive flow of funds from institutional investors. Notably, on June 15, when classic Bitcoin funds recorded net outflows, investment products based on Hyperliquid showed steady growth. This reflects a global rotation of assets within the crypto-ETF sector.
Since their launch, specialized funds have attracted $153 million in net investments, and the total trading volume has approached $900 million. Three major funds directly hold the token: Grayscale HYPG, 21Shares THYP, and Bitwise BHYP.
This dynamic is directly related to the platform's unique tokenomics. The high practical value of Hyperliquid consistently fuels buying demand. Futures markets open access for traders to many non-standard assets, including securities of traditional corporations. Particular excitement was generated by the launch of derivatives on SpaceX shares even before their official public offering. Consequently, interest in the ecosystem is long-term supported by real products.
High Leverage and a Wave of Liquidations
The aggressive inflow of investments also has a downside. Since mid-May, an excessively high level of leverage has persisted on the platform, creating serious risks for all market participants.
Alongside the increase in leverage, there was a major exit of individual players from the asset. BitMEX cryptocurrency exchange co-founder Arthur Hayes fully booked profits, selling his holdings above $72 in the first days of June. The departure of such a high-profile figure created a short-term bearish sentiment. However, buyers quickly absorbed this supply, allowing the coin to update its price records.
Technical Analysis and Price Targets
Technical analysis of the daily timeframe indicates the preservation of upward potential. Quotes have successfully consolidated above the key Fibonacci level of 1.272, which corresponds to the $70.04 mark. The next targets are the Fibonacci level of 1.618 at $83.55 and the psychological Fibonacci level of 2.0 at $98.47.
The Relative Strength Index (RSI) is currently at 63. The indicator is gradually rising, but the extreme overbought zone has not yet been reached. This indicates that buyers have sufficient margin of safety to continue their assault on higher levels. The only alarming signal is the decline in trading volumes against the backdrop of a rising chart, so traders should exercise caution near current levels.
On the weekly chart, it is clearly visible that since the end of 2024, the coin has been consistently constrained within the upper boundary of an ascending price channel. Maintaining this trend opens the path to the $128 mark in the medium term. Since the beginning of 2025, a massive divergence with the market has emerged: the asset has gained 164%, while the main cryptocurrency has lost about 42% from its peaks.
My expert opinion: The current fundamental and technical backdrop for HYPE looks extremely convincing. The token burning mechanism and the platform's real utility create a powerful deflationary effect. If the project reaches the volumes of the largest exchanges and launches spot trading, achieving a market capitalization roughly similar to Robinhood (around $70 billion) would push the token price above $300. However, the key support level currently is the $59.41 zone—a break below it would invalidate the bullish scenario.