HYPE could rally by 80% if this key support holds

$HYPE could see an 80% upside move if it follows through on a bullish setup targeting the 1.618 Fibonacci extension.

According to data from crypto.news, Hyperliquid ($HYPE) was trading at $37.96, 270% above its year-to-date lows, with a market capitalization of $12.6 billion.

The token reached an all-time high of $45.57 earlier this week, buoyed by significant traction across the Hyperliquid Layer-1 ecosystem.

While the broader crypto market has recently turned risk-off due to escalating geopolitical tensions and the Federal Reserve’s decision to keep interest rates unchanged, $HYPE has seen a 16.7% pullback from its peak. However, the mid-term trend remains constructive.

On the technical front, $HYPE has maintained a bullish ascending channel since April, with price action respecting the 78.6% Fibonacci retracement level near the lower channel boundary.

$HYPE could rally by 80% if this key support holds - 1">

$HYPE price, 20-day EMA and 50-day SMA chart — June 19 | Source: crypto.news

The 20-day exponential moving average continues to rise and is currently acting as dynamic support. As long as the price remains above this level, the structure favors a continuation to the upside.

A decisive rebound from current levels could trigger the next leg higher, potentially targeting the 1.618 Fibonacci extension at $68.3, up roughly 80% from the current price level.

Conversely, a break below the 20-day EMA may signal short-term weakness, opening the door for a deeper correction toward the 50-day simple moving average at $31.52.

Institutional investment and whale accumulation ramp up

A few bullish catalysts appear to be driving $HYPE’s positive outlook.

First, $HYPE is increasingly being eyed by institutions to build strategic on-chain treasuries centered around the token. Nasdaq-listed biotech firm Eyenovia is putting $50 million into $HYPE tokens and plans to rebrand as Hyperion DeFi, while Lion Group locked in a $600 million credit line to build a treasury around $HYPE, Solana, and Sui, with plans to list in Asia.

Second, whales have also begun re-entering $HYPE markets. According to on-chain tracking platform Lookonchain, a whale recently deposited $4 million in USDC on the Hyperliquid exchange to acquire $HYPE, signaling renewed confidence among deep-pocketed holders. Such moves often influence retail sentiment and fuel broader market interest.

On-chain metrics further support the bullish case. Data from DeFiLlama shows that Hyperliquid’s total value locked has surged to $2.41 billion, an increase of over 80% in the past 30 days. This uptick reflects growing user activity, adoption, and capital inflow into the ecosystem.

Moreover, Hyperliquid’s revenue model adds fundamental support to $HYPE’s valuation. The protocol directs 97% of its revenue toward token buybacks, creating consistent demand and supply-side pressure that favors long-term appreciation. Fee revenue and buyback volumes have steadily climbed over the last six months, reinforcing the asset’s bullish structure.

With price holding key support levels and momentum rebuilding, $HYPE remains technically positioned for continuation.