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Yesterday the price of $HYPE tokens was around $39.
Today it jumped above $45, but during the night it nearly touched $47.
This is a +20% move in less than 24 hours, followed by a small pullback.
The trend of $HYPE’s price
$HYPE is the token of the HyperLiquid DEX.
It landed on crypto markets less than two years ago at an initial price of $3.
In fact, throughout the first month it kept rising until it even exceeded $30, but this initial boom was then followed by a correction that brought it back down to $10. This is probably the reference price that makes sense to use to analyze its subsequent performance.
After touching $10 it started a new rally that in September last year pushed it to an all-time high of almost $60.
Since then it seems to have entered a long period of very volatile sideways movement, but with medium-term trends rather than short-term ones.
For example, as early as the end of September 2025 a new correction began, lasting a full four months, but it only brought the price back down to $20.
At the end of January 2026 a new upward trend began which, after more than four months, still seems to be underway.
Although less than two years is not enough to carry out long-term analysis, so far it seems that $HYPE’s price movement follows long trends lasting months that alternate with each other.
Recent movements
In reality the rally that began in January seemed to have stopped in mid-April, when the price had climbed back above $45 but then in just a few days fell below $40.
However, this correction was very short and limited, to the point that the drop stopped and a period of sideways movement began.
This sideways phase ended yesterday, when a low just above $38 was reached, followed by a strong and sudden rebound.
It must be said that such rapid rebounds generally do not occur on $HYPE’s price, therefore this may be something out of the ordinary.
The reasons for the rebound
The reasons for the rebound are actually due to a combination of factors.
The first factor is a piece of technical and fundamental news. In fact, on May 12 (that is, precisely on Tuesday) the 21Shares Hyperliquid ETF was launched on Nasdaq, with a solid debut of about 1.8 million dollars in volume and 1.2 million in net inflows on the very first day.
The second factor is even more technical, but dates back to early May, when the HIP-4 upgrade of Hyperliquid was launched, introducing native prediction markets/outcome contracts on the platform. The consequence, in the following days, was an increase in trading volume and in the utility of its chain. It should be remembered that Hyperliquid is the undisputed leader among DEXs that allow trading of perpetual futures (the so‑called perps).
Another factor is the platform’s solid fundamentals, the high revenues collected thanks to trading fees, and above all the continuous buybacks and burns of $HYPE tokens (more than 43 million tokens already burned). To this must be added high trading volumes on Hyperliquid.
The recent price movement has also been supported by good momentum and sentiment, because $HYPE has broken through important resistance levels, moving above $45 and forming bullish patterns.
Moreover, in the previous weeks the price was in a consolidation phase, therefore it showed a certain strength compared, for example, to the crypto market in general.
The hypothesis is that the recent rebound is not purely speculative, but supported by good fundamentals.
Forecasts
There are several still-positive forecasts circulating regarding $HYPE’s short-term price trend. After all, the all-time high has not yet really been approached.
However, even in the short-to-medium term it already seems possible to reach a consolidation area, also because after breaking through $45 the price quickly returned to that level.
It needs to remain well and solidly above $45, otherwise a new pullback could already be triggered in the coming days.
Therefore, while still technically remaining within a bullish accumulation phase, there is still strong resistance to overcome that in fact held today. If, however, this resistance were to be broken decisively, the climb should continue.
If it does continue, there is still another obstacle, due to the all-time high which currently seems a very tough barrier to overcome, even in the event of a continuation of the current rally.