Hyperliquid (HYPE) storms to new heights: is the rise to $300 realistic?
Hyperliquid (HYPE) reaffirms its status as one of the strongest assets on the market. On June 16, the token's price reached an all-time high of $77, showing a daily increase of over 10%. The key catalyst for this movement was a powerful inflow of capital into spot exchange-traded funds (ETFs) focused on HYPE.
At the time of writing this analysis, the asset is trading around $74.61, which is 67% higher than figures from the same period last year. The project's market capitalization stands at approximately $16.57 billion, allowing HYPE to firmly hold the tenth spot in the global cryptocurrency ranking. This growth is not just a speculative spike but a result of fundamental changes in demand structure.
Institutional Interest as the Main Driver
The primary driving force behind the current rally has been a massive flow of funds from institutional investors. Notably, on June 15, while 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, with total trading volume approaching $900 million. Three major funds directly hold the token: Grayscale HYPG, 21Shares THYP, and Bitwise BHYP. According to several experts, the platform's unique tokenomics plays a key role here.
"Hyperliquid's business model, which could generate around $850 million in revenue by 2025, looks particularly attractive to institutions. Moreover, 99% of this amount is directed toward buying back and burning $HYPE tokens — so even greater inflows of large capital can be expected in the future."
The platform's high practical utility consistently fuels buying demand. Futures markets provide traders access to many non-standard assets, including traditional corporate securities. Particular excitement was sparked by the launch of derivatives on SpaceX shares before their official public offering. Consequently, long-term interest in the ecosystem is backed by real products.
High Leverage and a Wave of Liquidations
The aggressive inflow of investments also has a downside. Since mid-May, the platform has maintained an excessively high level of leverage, creating serious risks for all market participants. Alongside the rise in leverage, there was a significant exit of individual players from the asset. BitMEX co-founder Arthur Hayes fully realized his profits, selling his holdings above $72 in early 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 price records. This indicates an extremely strong "bullish" grip on the market.
Technical Analysis: Nearest Price Targets
Technical analysis of the daily timeframe indicates the preservation of upward potential. Prices have successfully consolidated above the key Fibonacci level of 1.272, corresponding to $70.04. The next targets are: the first target — the Fibonacci 1.618 level ($83.55) and the second target — the psychological Fibonacci 2.0 level ($98.47).
The Relative Strength Index (RSI) currently stands at 63. The indicator is gradually rising, but the extreme overbought zone has not yet been reached. Accordingly, 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. Therefore, traders should exercise caution at current levels. In case of a pullback, the historical level of $59.41 will serve as the first line of defense, while the ascending trendline at $51.05 will provide additional support.
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 start of 2025, a massive divergence with the market has emerged: the asset has gained 164%, while the leading cryptocurrency has lost about 42% from its peaks.
My expert opinion: If the project reaches the volumes of major exchanges and launches spot trading, achieving a market capitalization similar to Robinhood's — around $70 billion — would push the token price above $300. The burn mechanism could allow the price to rise even further. However, the current volume divergence warrants caution: without confirmation of rising volumes, a correction into the $59 zone could become a reality. Bulls need to defend the recent breakout above $59.41 to maximize the chances of quickly reaching the $83 and $98 zones.