Hyperliquid’s HYPE token has stormed into price discovery after hitting a fresh all-time high near $83.50, capping a rally of roughly 35% over the past week.
The move pushed HYPE’s market capitalization toward $21 billion and briefly placed it among crypto’s ten largest assets.
Unlike many altcoin rallies driven largely by speculation, however, HYPE’s breakout has arrived alongside rising network activity, record HyperEVM revenue and a token-buyback model tied directly to platform fees.
President Donald Trump has added fuel to the rally. Speaking last week, Trump said the Commodity Futures Trading Commission was exploring how to bring Hyperliquid into the US in a “fully compliant and legal fashion.”
That potential regulatory opening, combined with Coinbase’s integration of Hyperliquid-powered perpetual futures into its Base App, has strengthened the idea that the decentralized exchange could eventually compete for a meaningful share of US derivatives trading.
But after such a rapid run, can HYPE break above its record again, or is the market setting up for a sharp correction?
Hyperliquid’s Onchain Numbers Support the HYPE Rally
The strongest argument for further upside is that Hyperliquid is generating revenue rarely seen outside centralized exchanges.
The protocol generated approximately $21.45 million in revenue during its latest seven-day period. Trading fees contributed $19.33 million, while HyperEVM gas fees added $1.04 million. Priority fees and auctions produced another $1.08 million combined.
HyperEVM also recorded more than $500,000 in daily revenue on Aug. 23, while the number of addresses trading on its decentralized exchanges climbed to 25,500, the highest level since September 2025.
Much of that revenue ultimately benefits HYPE through open-market purchases and token burns. This creates a simple flywheel: higher trading volume produces more fees, more fees fund additional HYPE purchases, and those purchases reduce the token’s effective supply.
That mechanism distinguishes HYPE from tokens whose valuations depend mainly on future promises.
Hyperliquid already operates an exchange that handles billions of dollars in daily derivatives volume, while its HIP-3 infrastructure is expanding into commodities, equities, foreign exchange, and pre-IPO markets.
Kinetiq’s newly announced Elysium Layer 2 could further extend that utility. The network plans to use HYPE as its gas token and connect directly to HyperCore, potentially bringing more spot markets, token launches and HIP-3 perpetuals into the ecosystem.
Trump’s US Push Could Be HYPE’s Biggest Catalyst Yet
Trump’s comments may have changed how investors value Hyperliquid.
Until now, the platform’s offshore and permissionless structure has limited its access to the world’s largest financial market.
A compliant US pathway could open Hyperliquid’s infrastructure to a much broader pool of retail and institutional traders.
Coinbase is already providing a possible distribution channel. Its Base App integration gives eligible users access to more than 290 Hyperliquid-powered perpetual markets with leverage up to 50x.
The combination is potentially powerful: Trump’s comments improve the regulatory narrative, while Coinbase provides an established route to users.
Hyperliquid is also increasingly moving beyond crypto-native markets.
During the weekend oil volatility earlier this year, traders used the round-the-clock crude contract while conventional futures venues were closed. Its oil perpetual reportedly reached a peak daily volume of $ 1.7 billion and open interest of $300 million.
If Hyperliquid becomes a 24/7 venue for crypto, commodities, stocks, and prediction markets, HYPE may increasingly trade as an ownership proxy for an expanding onchain exchange rather than as a conventional altcoin.
Can HYPE Reach $100—or Will the Rally Unwind?
Technically, HYPE must turn the $83-$84 region into support before another sustained advance can begin.
A decisive daily close above approximately $83.50 would confirm renewed price discovery. With little historical resistance overhead, $90 would become the first psychological target, followed by the $97-$100 region.
However, the rally is becoming stretched. HYPE’s daily relative strength index recently reached approximately 75, placing it in overbought territory.
That does not guarantee a reversal, but it increases the likelihood of profit-taking after a near-vertical advance.
Liquidation clusters above $82 could accelerate a breakout by forcing short sellers to buy back their positions. The same dynamic works in reverse below $80, where leveraged longs could be liquidated.
The first important support sits between $77 and $78. Losing that range would expose the four-hour Supertrend near $73, followed by former resistance around $71. A drop below $71 would seriously weaken the immediate bullish setup.
Supply is another risk. Around 14.18 million HYPE, currently worth more than $1 billion, is scheduled to unlock on Aug. 29. Unlocking does not necessarily mean those tokens will be sold, but the event could test whether protocol buybacks and new demand are sufficient to absorb additional supply.
For now, HYPE’s trend remains bullish above $73. A clean break of $83.50 could send the top-10 altcoin toward $90 and eventually $100. But with leverage elevated, momentum overbought, and a major unlock approaching, the road higher is unlikely to be smooth.
