Hyperliquid (HYPE) storms new heights: is the rise to $300 real?
Hyperliquid (HYPE) continues to surprise the market, setting another price record. During trading on June 16, the asset's value reached $77, showing a daily increase of more than 10%. The key catalyst for this momentum was a powerful influx of capital into spot exchange-traded funds (ETFs) based on HYPE.
At the time of writing this analysis, the token is trading around $74.61, which is 67% higher than figures for the same period last year. The project's market capitalization stands at an impressive $16.57 billion, allowing HYPE to confidently hold the tenth spot in the global cryptocurrency ranking.
Institutional Interest as a Growth Driver
The main engine of the current rally has been a large-scale flow of funds from institutional investors. Significantly, on June 15, when classic Bitcoin funds recorded net outflows, investment products based on Hyperliquid showed a steady inflow. 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 total trading volume has approached $900 million. Three major funds directly hold the token: Grayscale HYPG, 21Shares THYP, and Bitwise BHYP.
The platform's unique tokenomics plays a key role here. Hyperliquid's business model, which could generate approximately $850 million in revenue for the project by 2025, looks particularly attractive to institutions. Moreover, 99% of this amount is directed towards buying back and burning $HYPE tokens, which creates a powerful deflationary backdrop and an additional incentive for large capital inflows in the future.
The platform's high practical utility steadily fuels buying demand. Futures markets provide traders with access 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, long-term interest in the ecosystem is underpinned by real products.
The Other Side of the Coin: 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.
| Period | Liquidation Type | Reason |
| Early June | Long positions | Local price correction from highs |
| Mid-June | Short positions | Gradual price increase and "squeeze" on sellers |
Alongside the rise in leverage, there was a significant exit of individual players from the asset. BitMEX crypto exchange co-founder Arthur Hayes fully booked his 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:
- First target: Fibonacci level 1.618 — $83.55.
- Second target: Fibonacci psychological level 2.0 — $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. Accordingly, buyers have sufficient margin of safety to continue their assault on the highs. Perhaps the only alarming signal is the decline in trading volumes against the backdrop of a rising chart. Therefore, traders should exercise caution near the current levels. In case of a pullback, the historical level of $59.41 will serve as the first line of defense, and the ascending trend line 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 level in the medium term. Since the beginning 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 the largest exchanges and launches spot trading, achieving a market capitalization roughly similar to Robinhood's — around $70 billion — would push the token price above $300. The burning mechanism could allow the price to rise even further. The current market picture looks moderately optimistic. If buyers defend the recent breakout above $59.41, the chances of quickly reaching the $83 and $98 zones will remain maximal. Conversely, a break below this support would invalidate the bullish scenario.