With HYPE hitting a new all-time high of roughly $96, Hyperliquid has continued its rally into price discovery. The move puts the psychological $100 level within striking distance and comes after an already strong September advance.
Hyperliquid pushes through
The technical structure is still very optimistic. On the daily chart, HYPE is easily above all of the major moving averages, trading close to $95.40. More significantly, a successful recovery from the $77–$78 range preceded the most recent surge. Buyers quickly recovered $80, broke the previous highs between $87 and $90, and advanced straight into uncharted territory.
The strength is partially justified by fundamentals. HYPE and BTC can now be used as collateral for USDC and USDT loans thanks to Hyperliquid’s recent introduction of manual borrowing. According to reports, on the first day, $269 million was borrowed and over $400 million in liquidity was supplied.
Can ecosystem grow even more?
Additionally, activity is increasing throughout the underlying platform. While HIP-3 accounted for more than $4.44 billion in August, Hyperliquid’s total open interest recently reached $14.3 billion. In the meantime, according to Hyperliquid Strategies, the ecosystem gained about $945 million in value over the course of the year ending in June 2026, with protocol economics being closely linked to HYPE buybacks.
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Three scenarios for continuation emerge from this point. First, direct price discovery. A sustained break above $96 might put $100 in play very soon. Psychological levels become more crucial as there is no historical resistance above the current ATH. Consolidation is the second.
In order to give RSI and short-term momentum time to cool before attempting another breakout, HYPE might spend a few sessions between about $90 and $96. After the quick shift from $78, this might result in a healthier continuation structure. Third, a more thorough test.
Losing $90 might lead to a return to the previous breakout range of $85–$87. Below that, the next significant support area is $80–$82. Momentum is still strong for the time being: RSI is high but still below the extreme levels attained during some earlier HYPE rallies.
