The post Hyperliquid Price Nears Breakout as Bulls Eye $53.97 appeared first on Coinpedia Fintech News
Hyperliquid has once again made it to the trend list as its token HYPE price rallied 6.3% in the past 24 hours to trade at $49.65. This momentum comes at a time when the network is preparing to launch its own stablecoin, USDH. The project has invited firms to pitch proposals, with Paxos, Frax, and Agora among the bidders. The final choice will be made through a validator vote.
At the same time, whale activity has fueled today’s move. On September 7, Hyperliquid’s largest ENA holder opened a $36 million 5x long on ENA and a $12.85 million 10x short on ETH. These leveraged bets highlight growing adoption among high-profile traders and fosters the exchange’s role in deepening DeFi liquidity.
TVL On The Rise?
On-chain data paints a strong backdrop for HYPE’s rally. Hyperliquid’s TVL stands at $2.5 billion. Stablecoin market cap is $5.69 billion, while bridged TVL sits at an impressive $9.83 billion. Daily app revenue has topped $1 million, and perpetual trading volume crossed $4.18 billion.
Source: DeFillama
These numbers talk about the strong usage of the protocol, which directly feeds into HYPE’s valuation. With a market cap of $16.54 billion and a fully diluted valuation of $49.37 billion, HYPE is increasingly establishing itself as a heavyweight in DeFi.
HYPE Price Analysis
From a technical standpoint, the Hyperliquid price is showing strong bullish momentum. The token has broken above the 50% Fibonacci retracement level at $45.75 and is currently testing the 23.6% retracement level at $48.56. The MACD histogram recently flipped positive at +0.13285, signaling renewed bullish momentum.
Trading volume has surged 53.39% in the past day to $172.12 million, confirming the strength of the move. The crypto is hovering just below its all-time high of $51.07, set 12 days ago. A decisive close above this resistance could open the door to the next upside target at $53.97, the Fibonacci extension level.
Conversely, $45.75 remains a key support. If this level fails, the next significant cushion lies near $40.58. For now, however, momentum and on-chain fundamentals both favor the bulls.
FAQs
HYPE’s surge is driven by whale leveraged bets, strong on-chain usage, and growing anticipation for its upcoming stablecoin USDH.
Immediate resistance lies at $51.07, which is also the ATH. A breakout could push prices toward $53.97. Key support sits at $45.75.
With $2.5B in TVL, over $1M in daily revenue, and rising trading volumes, the protocol’s fundamentals are backing the token’s valuation.