In June, Multicoin said it projected that $HYPE could hit $319. The target came from valuing $8 billion in expected 2028 earnings at 20 times, which results in a $160 billion valuation based on an adjusted supply of about 502 million $HYPE tokens. Its base case assumes crypto derivatives volume grows 35% annually, DEXs reach 32% of the derivatives market, Hyperliquid captures a 30% share, and USDC balances rise with volume.
On the other hand, its bear case puts $HYPE at $109, while its bull case reaches $689 on $17.3 billion in projected cash flow. In the same report, Multicoin also compared Hyperliquid’s growth path with Binance’s rapid rise in 2017.
$HYPE has been one of the best-performing assets this year. It has been on an absolute tear. The asset has gained 50% over the past month alone and recently established an all-time high of $86.71. It has since suffered a minor pullback, but continues to hover above $82.
Hyperliquid was also discussed during Donald Trump’s meeting with major crypto executives at the White House last month. Trump said CFTC Chair Michael Selig is working to bring the perpetuals-focused trading platform into the US. He said the goal is to make Hyperliquid operate in a “fully compliant and legal fashion.” The meeting also covered Bitcoin, the Digital Asset Market Clarity Act, and efforts to expand crypto activity in the US.
Due for a Drop?
While the broader outlook remains bullish, one trader is betting on a drop. Pseudonymous market watcher “swarmik” shared a bearish view on the token. The trader said it could fall 17.2% based on a four-hour chart setup while pointing to signs of weakness in the market structure. Heavy selling liquidity could push the price lower.
However, a potential correction could create an opportunity for a short position, with three downside targets being $76.77, $72.68, and $68.49. The trade would carry a risk level of 1.5R, according to the analysis.
cryptopotato.com
