Hyperliquid (HYPE) has recently signaled a powerful market reversal, catching significant attention with a bullish breakout amidst broader market recovery. This uptrend is supported by both technical indicators and strong trader conviction, suggesting a potential for continued upward momentum.
HYPE's Bullish Momentum and Ambitious Targets
HYPE's price has shown a notable surge, rising 4.75% in the past 24 hours to $30.30, accompanied by a 14.5% increase in trading volume to $207.95 million, indicating heightened market interest. Technically, the asset has broken out of a descending triangle pattern, positioning it for further gains. Experts suggest that if HYPE maintains above the $29 support level, it could see a 20% price uptick, potentially reaching $36 in the near term. Fueling this excitement, former BitMEX CEO Arthur Hayes made a bold prediction on X, stating his intention to buy more HYPE tokens and forecasting a potential price of $150 by July 2026. While the Average Directional Index (ADX) currently indicates weak trend strength, the Relative Strength Index (RSI) at 57.97 suggests ample room for continued upward movement before reaching overbought territory.
Strengthening Trader Confidence and On-Chain Growth
The bullish outlook for HYPE is further reinforced by strong sentiment among traders in the derivatives market. Data reveals a significant imbalance in leveraged positions, with approximately $14.49 million in long bets against $4.70 million in short positions, clearly indicating that bulls are dominating. Concurrently, HYPE's on-chain metrics show robust growth, with a sharp increase in DEX volume and protocol revenue over the past couple of days. DEX volume surged from $57.59 million to $95.31 million, and revenue grew from $941.78K to $1.73 million. This notable uptick highlights escalating user activity and network demand, serving as a powerful fundamental support for HYPE's positive price trajectory in the immediate future.
