Decentralized perpetual trading platform Hyperliquid’s native token HYPE could be targeting $100 in the coming weeks. The cryptocurrency is forming an ascending triangle on the 3-day chart, laying the foundation for a bullish move.
Analysts turn bullish on HYPE
In an X post published on Friday, crypto analyst Rand Group shared the following chart, emphasizing that HYPE is eyeing a breakout to the upside from an ascending triangle formation.
To explain, an ascending triangle is a bullish chart pattern where price forms a flat resistance level at the top while creating higher lows over time, showing increasing buying pressure. It shows that buyers are slowly absorbing supply, and a breakout above resistance can lead to a strong upward move.
Seasoned crypto trader Pentoshi shared a similar bullish take on HYPE. In a separate X post, the trader commented on HYPE’s recent price action, recounting its 250 percent rally, a move downward to re-test its previous all-time high, followed by a consolidation over those highs.
Pentoshi highlighted HYPE’s revenue model as a key factor behind the platform’s success. He said that Hyperliquid’s revenue improvements – whether from priority fees adding $100K daily or AQAv2 unlocking another $500–600K per day – are meaningless in isolation but compounding significantly over months, not days.
Pentoshi added that the market tends to miss this because it looks for immediate price catalysts, when the real signal is what $600K per day becomes over a 12-month horizon.
Meanwhile, fellow crypto analyst kook brought attention trading charts and tools platform TradingView’s recent integration of Hyperliquid data as another bullish catalyst that will benefit HYPE in the medium to long-term.
On the daily chart, HYPE has sprung from around $38 on May 14 to $70 as of Friday, indicating strong price growth as the underlying platform continues to generate impressive revenue. Hyperliquid also ranked second in 7-day priority fee revenue during the week ending July 4.
Institutions are gobbling up HYPE
HYPE is not just benefiting from retail demand for the token. Recent developments suggest there is considerable institutional interest in the cryptocurrency. On June 25, Multicoin Capital predicted a $319 price target for HYPE by 2028.
Earlier in June, crypto asset manager Bitwise launched a spot HYPE exchange-traded fund to cater to the institutional demand for the digital asset. However, not all are on the same page, including veteran crypto entrepreneur Arthur Hayes.
