Why Traders Are Bullish on $HYPE

The Hyperliquid token has once again become the centre of attention, as traders are turning increasingly bullish following aggressive buying activity and stable on-chain metrics.

The Hyperliquid token has once again become the centre of attention, as traders are turning increasingly bullish following aggressive buying activity and stable on-chain metrics.

Over the past few days, crypto analytics platforms Arkham and Lookonchain have observed major traders and smart-money wallets actively accumulating $HYPE. For example, Arkham data showed that Bitwise and ETFs from 21Shares purchased $16.1 million worth of $HYPE over the past 24 hours, while BHYP has already invested $15.45 million into $HYPE tokens.

Meanwhile, analyst Michaël van de Poppe believes that $HYPE is the best momentum indicator for altcoins. In a post on X, he stated:

“Every time the markets wake up, $HYPE moves first. The stronger the move in HYPE, the stronger the move across altcoin markets will be.”

Van de Poppe also noted that he sees considerable strength in other protocols, including NEAR Protocol, Bittensor, and Sui.

Bullish sentiment has emerged amid $HYPE’s rapid rise in 2026. The token recently broke above $57 and approached the $60–$62 range, pushing Hyperliquid’s market capitalisation into the upper tier of the crypto market. According to CoinMarketCap, $HYPE’s current market capitalisation stands at approximately $15.46 billion.

Whales Leading the Charge

One of the main reasons traders remain bullish is the scale of whale accumulation now visible on-chain.

According to Lookonchain, several large wallets have opened or expanded massive $HYPE positions worth tens of millions of dollars. One whale reportedly accumulated more than $15 million worth of $HYPE using leveraged long positions. Since mid-April, the same whale has purchased a total of 3.17 million $HYPE (approximately $148.5 million) at an average price of $46.8.

Another smart-money wallet rotated profits from other assets directly into $HYPE during recent market volatility, reinforcing the idea that major traders currently view Hyperliquid as one of the strongest-performing crypto ecosystems.

More specifically, Lookonchain reported that crypto trader Garrett Jin placed limit sell orders worth more than $36 million for short positions on Zcash perpetuals on Hyperliquid, while simultaneously placing several buy orders worth approximately $1.4 million in $HYPE.

In addition, Lookonchain tracked trader ICanPlug (Evaded), who generated more than $7.5 million in unrealised profit in less than four days using 10x leveraged long positions on 36,875 $ZEC (around $24.15) and 287,000 $HYPE (approximately $20.94) on Hyperliquid. He also opened another 25x leveraged long position on 18,100 ETH.

Hyperliquid’s Meteoric Rise

Data shows that Hyperliquid continues processing billions in daily trading volume ($1.47 billion over the last 24 hours), while maintaining a dominant share of the decentralised perpetual trading market.

Another reason for the bullish momentum and optimism is the growth of the Hyperliquid ecosystem.

The company is quietly expanding beyond perpetual futures trading into a broader Layer-1 and trading infrastructure ecosystem. Products such as HyperEVM, new trading tools, commodity perpetuals, and prediction markets are broadening $HYPE’s use cases beyond simple trading.

Moreover, the protocol’s fee generation has become a major story in itself. In March, Hyperliquid became the leading platform by 24-hour fee revenue, surpassing $2 million in daily fees. The protocol continued posting even stronger numbers in the following months.

The latest May data shows that Hyperliquid outperformed Ethereum and Solana, accounting for 43% of all weekly crypto fees.

What Is the Next Price Target for $HYPE?

From a technical perspective, traders are now closely watching the $60–$62 region, as it represents the current all-time high (ATH). The previous ATH for $HYPE stood at $59.30 in September 2025 and was reached and broken on 21 May.

A confirmed breakout above the $60–$62 range could quickly pave the way towards the key $70 and $80 levels.

If momentum remains strong and Bitcoin stabilises, many bullish traders believe that $HYPE could enter price discovery mode, similar to the massive rallies seen in Solana and other leading ecosystem tokens during previous bull markets.

Is a $100 Target Realistic?

One of the biggest questions now is whether $HYPE can realistically reach $100.

Based on current supply estimates, a $100 $HYPE price would likely place Hyperliquid’s market capitalisation in the $24–$26 billion range, depending on token issuance and supply growth.

While this may sound ambitious, $HYPE’s recent success has fuelled optimism among many traders. For example, the token has gained 50% over the past 30 days and more than 35% over the past 7 days.

Some analysts already argue that if Hyperliquid maintains revenue growth and attracts more institutional capital, the protocol could eventually be valued similarly to a major centralised exchange.

However, reaching $100 would most likely require several factors to align simultaneously. These include continued ecosystem growth, sustained whale activity, overall strength in the altcoin market, successful expansion beyond perpetual futures, and favourable macroeconomic conditions for the crypto market as a whole.

Editor: Alyona Nabok

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