HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Cryptocurrency buying and selling platform Robinhood (HOOD), has just lately announced the itemizing of HYPE, the native token of the decentralized trade (DEX) Hyperliquid, sparking a brand new rally for the altcoin, which surged past $40 on Thursday, marking an intraday restoration of 13%.

$1 Billion For HYPE Token Buyback

HYPE, with a market capitalization nearing $11 billion, has emerged as one of many market’s prime performers, skyrocketing by 1,000% from its launch worth of $10 in December 2024. This development has been accompanied by an 18% enhance in buying and selling quantity over the past 24 hours, in accordance with data from CoinGecko.

The current uptick in HYPE costs additionally coincides with Hyperliquid Strategies’ submitting with the US Securities and Exchange Commission (SEC) to lift $1 billion for a buyback of HYPE tokens. 

The firm is expected to carry roughly 12.6 million HYPE tokens, valued at round $470 million, together with $305 million in money reserves designated for extra token purchases.

Key Resistance And Support Levels For Hyperliquid’s Price

As of now, the HYPE worth is buying and selling at roughly $40.54, nonetheless 31% beneath its all-time high of $59 reached earlier this 12 months. Moving ahead, key worth ranges for Hyperliquid embrace closing the week above $40, which might convert this earlier resistance right into a short-term assist stage for potential additional will increase.

To the upside, extra resistance for the HYPE worth could also be encountered at $42, $46, and $50 earlier than the altcoin can try to retest its $59 peak. Conversely, a assist ground for Hyperliquid’s short-term worth motion is anticipated at $35, established over the previous week, offering a buffer in opposition to potential new declines in worth.

Featured picture from DALL-E, chart from TradingView.com