Hyperliquid (HYPE) Price Reaches New All-Time High After 800% Increase Since Airdrop

Hyperliquid had the Token Generation Event (TGE) for HYPE on Nov. 29. After moving above $17 on Dec. 12, HYPE’s total airdrop value exceeds $1.7 billion, making it one of the most successful airdrops in history, even though HYPE has not been listed in any major CEXes yet.

There is an extremely positive sentiment around Hyperliquid. Because of the fees it generates, Shaggy believes HYPE can continue increasing. At the fully diluted value of Avalanche, HYPE would have a price of $366.79.

Ansem believes the fair value of HYPE is a $500 billion market cap, which, at the current circulating supply, will be a price of $185.

Considering that, let’s analyze the HYPE price action and see where the price will head next.

HYPE Reaches All-Time High

The hourly HYPE chart shows that the price has traded inside an ascending parallel channel since Dec. 3.

More recently, it bounced at the channel’s support trend line twice on Dec. 10 (white icons) and accelerated the rate of increase.

The HYPE price has almost reached the channel’s resistance trend line at $20. The Relative Strength Index (RSI) is also overbought.

The previous time the indicator reached this level (black arrow) was also at the channel’s resistance, leading to a significant downward movement.

The wave count aligns with the possibility of a drop. It shows a five-wave upward movement ongoing since Dec. 10. Wave three could end at the channel’s resistance, starting a short-term correction that completed wave four.

Afterward, another upward movement is likely, creating the fifth wave and causing a breakout from the parallel channel.

In the long-term movement context, this HYPE price increase could end another five-wave increase (white) that started after the airdrop.

So, the following upward movement may be the last before a more significant correction.

Significant Resistance Ahead

The HYPE price has performed admirably since its airdrop, reaching all-time highs almost weekly and cracking the top #200 largest cryptocurrencies.

While the price could create a local top around the channel’s resistance trend line, another upward movement is likely.

About the Author

Valdrin Tahiri

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.

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