Hyperliquid's HYPE Token Rockets Past $40 Following Robinhood Listing and Billion-Dollar Buyback Plan The cryptocurrency market is abuzz as Hyperliquid’s native token, HYPE, has witnessed a significant price surge, climbing beyond the $40 mark. This impressive rally follows the token's recent listing on the prominent trading platform, Robinhood, sparking renewed investor interest and an intraday recovery of 13% on Thursday.
Market Momentum and Strategic Buyback Fuels HYPE's Ascent
HYPE, the decentralized exchange (DEX) Hyperliquid's token, is rapidly emerging as a top performer in the crypto space. With a market capitalization nearing $11 billion, HYPE has already seen an astounding 1,000% increase from its initial launch price of $10 in December 2024. This remarkable growth is further bolstered by an 18% increase in trading volume over the last 24 hours, as reported by CoinGecko data. This bullish momentum coincides with a strategic move by Hyperliquid Strategies, which has filed with the US Securities and Exchange Commission (SEC) to raise an ambitious $1 billion for a HYPE token buyback. The proposed buyback plan aims to acquire approximately 12.6 million HYPE tokens, valued at around $470 million. Additionally, the company has earmarked $305 million in cash reserves for future token purchases, signaling strong confidence in HYPE's long-term potential and a commitment to bolstering its value.
Navigating Future Price Action: Resistance and Support Levels
Currently trading at approximately $40.54, HYPE still has room to grow, sitting 31% below its all-time high of $59 achieved earlier this year. The market is closely watching key price levels for Hyperliquid. A sustained weekly close above $40 would be a crucial indicator, converting this previous resistance into a solid short-term support, which could fuel further price increases. Looking ahead, potential resistance levels for HYPE are identified at $42, $46, and $50 before the altcoin attempts to retest its $59 peak. Conversely, a stable support floor has been established at $35 over the past week. This level is expected to provide a buffer against any potential price declines, offering a foundation for continued upward movement in Hyperliquid's price action.
