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

Key Takeaways

• Hyperliquid (HYPE) reached a new all-time high on Dec. 12.
• The HYPE price trades in an ascending parallel channel.
• How long will the Hyperliquid price continue to increase?

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.