HYPE Reaches All-Time High - What's Next? Credit: Hameem Sarwar
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Key Takeaways
Hyperliquid (HYPE) distributed 300 million tokens on Nov. 29.
The price has increased nearly fourfold since the airdrop.
What’s behind the increase, and how long will it continue?
The Decentralized Finance (DeFi) protocol Hyperliquid had its genesis event on Nov. 29, debuting at $3.90. This put the total airdrop value at $1.2 billion. Roughly 31% of the total supply was distributed during the event.
The HYPE price has increased since the airdrop, reaching a new all-time high of $12.95 on Dec. 4.
Despite the limited data, let’s examine the price action to determine where HYPE might be headed next.
HYPE sentiment on X is positive for numerous reasons besides the price increase. Analyst Base summarized a few of the reasons. The Token Generation Event went smoothly, without any outages or complaints about the distribution.
This led to its price going up immediately after the airdrop. Additionally, there was no allocation for VCs or private investors.
The holders’ distribution shows a good amount of decentralization, with fairly few large wallets holding a large percentage of the supply.
Users are also excited about the TWAP feature, which divides large orders into smaller ones executed in 30-second intervals, with a maximum slippage of 3%. There is immense demand for HYPE, as shown by the massive difference between TWAP buy and sell orders.
Finally, Hyperliquid has a very significant Total Value Locked of $1.38 billion, a number that has increased nearly threefold since the start of October.
HYPE All-Time High
The HYPE price has increased by 500% since its launch, culminating with a new all-time high of $12.95 on Dec. 4. Initially, the price struggled with the $9.50 horizontal resistance area.
However, this changed on Dec. 4, when the HYPE price broke out from an ascending parallel channel, confirming the upward movement is impulsive.
If so, HYPE is likely in wave three of this five-wave upward movement. Wave four could cause the price to retest the channel before the HYPE upward movement continues.
A possible target for the top of the increase is at $14.35, created by the 2.61 external Fibonacci retracement of the previous decline.
Additionally, if the five-wave movement has the same length as the increase started on Nov. 28, HYPE will reach a high of $14.83. As a result, the $14.35-$14.83 area is likely to act as the top of the ongoing increase.
HYPE Price Increase Continues
The HYPE price reached a new all-time high on Dec. 4, following an impressive performance since its airdrop. The increase could continue until at least $14.35 -$14.83.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
