HYPE Surges Past ATH As Whale Bets And USDH Fuel Momentum

Key Insights:

• Hyperliquid crypto reclaimed the $50 mark and was only 2.40% away from its ATH of almost $51.
• A whale continued the buying momentum after their 217K HYPE acquisition.
• HYPE’s trendline support was clear, and every retest has pushed the altcoin price higher.

Hyperliquid (HYPE) strongly broke above the range. This has confined price movement in the last few weeks since hitting its all-time high of almost $51.

Following the 8% surge on the day, HYPE price cleared the remaining 2.40% range from its previous peak. This is making a new high of $51.77 per CoinGecko data.

Among the many cryptocurrencies that hit their local tops during the anomalous August rally, only HYPE traded back to its ATHs. This reflected the insane buyers’ effect on the altcoin amidst a cool crypto market.

The renewed sentiment on Hyperliquid crypto came from their stablecoin launch, a new driver of liquidity inflow into the ecosystem. Crypto Saving Expert on X highlighted that Paxos introduced USDH, a fully compliant stablecoin designed for the Hyperliquid ecosystem.

It allocates 95% of its reserve yield to buy back HYPE tokens, redistributing them to users, validators, and partner protocols. There was more behind this surge back to highs when peers struggled to keep up with the mini Altseason gains.

Prominent Whale Ups The Ante On HYPE Holdings

Apart from the USDH hype, whales were also positioning to take HYPE to the predicted $100 target. A major whale deposited USDC into Hyperliquid in chunks of $1.5M, $500K, $2.5M, and $1M.

The total deposit amounted to $10.56 Million. They exchanged the funds for 217,689 HYPE tokens at an average price of $48.5. This move signals a bold bet on the future of HYPE.

From the pattern of this whale’s actions, they looked to be in a continuous buying spree of the altcoin. When writing, the unrealized profit was just above $316K at $50.

Hyperliquid Crypto Price Analysis

On the charts, HYPE was showing strength on the 4-hour timeframe chart. In fact, every bounce from the support trendline resulted in a push higher. The key level rested at the $51 resistance zone, where momentum could accelerate the surge toward $100.

The August trend followed a break of the previous structure. The third touch could cause a breach of the hurdle that has resisted price advances for the last two weeks.

The daily chart clearly broke above a rising wedge, confirming bullish momentum. HYPE was also above a long-term level, the 200 SMA. However, the volume bars were not in line with the movement. This raised concerns about a sustained uptrend toward $100.

Talks of ‘HYPE was built for speed’ indicated a broad acceptance of the altcoin’s strength compared to its peers. On some exchanges like Hyperliquid DEX, the altcoin made a new peak.

Technically, as long as the HYPE price stayed above the support trendline, the $100 target remained a possibility. In the meantime, a breakdown could spark another wave of bearish control, as experienced in the year’s second quarter.

Analyst Says HYPE Price To Hit $100

Most analysts on CT were bullish. Altcoin Sherpa predicted HYPE could reach $100.

In his tweet, the analyst said, “I feel like nobody is talking about $HYPE. What a coin, nearly at ATH here. HYPE to 100 seems inevitable, but it prob takes a while to get there. Amazing coin and I’m still staking on hype.”

The prediction was seconded by another renowned analyst named Crypto Kaleo. Kaleo reiterated that HYPE was on a path to $100 billion in capitalization.

He argued that the move looked simple from the current market cap value of $17 billion. It would represent more than 5 times returns if HYPE clocked this market cap.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.