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$HYPE, the native utility and governance token of the Hyperliquid ecosystem, surged nearly 30% in the past seven days, reaching the $48 price target and achieving a cumulative 138% rally since the beginning of February 2026, according to data from TradingView.
Following $HYPE’s rediscovered bullish momentum, crypto community members are speculating about its bullish potential. Several analysts reviewing $HYPE’s price and the growing adoption of its underlying protocol have begun focusing on ‘when’ rather than ‘if’ the cryptocurrency will reach the $100 threshold.
Mainstream Adoption is Behind $HYPE’s Price Rally
Hyperliquid is a high-performance, decentralized Layer-1 blockchain specifically designed to support all financial and trading activities. Its flagship product is a decentralized exchange (DEX) that combines the speed and trading experience of centralized exchanges with the self-custody and transparency of decentralized finance (DeFi).
Notably, Hyperliquid is gaining significant mainstream adoption, a development that analysts believe to be the tailwind behind its rising demand. One such analyst on X highlighted Bloomberg’s recent recognition of Hyperliquid, citing it as a signal of the protocol’s growing acceptance in mainstream finance. According to the analyst, Bloomberg used Hyperliquid to price oil during the attacks in Iran because it was the only market open.
Hyperliquid’s Features Are Attracting Mainstream Systems
The analyst’s reference highlighted the importance of decentralized platforms that function round-the-clock and on every day of the week, including weekends. He noted that Hyperliquid stepped up when institutions needed a reference price mid-crisis, and on a Sunday, because that was where they could find liquidity.
Another key reference from the analyst is the increasing integration of mainstream assets on the Hyperliquid DEX. According to him, Silver already ranks in the second position by volume on the platform, behind BTC, something that did not exist three months ago. He believes that if the trend continues, there will come a time when traders will not need options, market hours, or a 20-minute explainer on theta decay to get leveraged exposure to an asset. All they have to do is simply log in and trade.
Investors See Opportunities in Hyperliquid
Notably, Hyperliquid’s growing status, particularly within the mainstream financial sector, has captured the attention of investors and institutions in the cryptocurrency industry. Several platforms consider the blockchain project’s growing demand an opportunity to invest in its underlying cryptocurrency, despite the bearish nature of the broader crypto ecosystem.
For instance, a crypto wallet linked to Anchorage Digital has embarked on a series of significant $HYPE purchases and withdrawals from centralized crypto exchanges. On-chain data show that the wallet bought 2.34 million $HYPE worth $112.36 million in the past month.
What Analysts Think About Hype
$HYPE’s rising status has led the Stacks podcast host, Luke Martin, to predict a new narrative for crypto projects that will blend them into the mainstream. According to Martin, $HYPE is more TradFi than crypto, with stocks and oil trading on the Hyperliquid DEX. He believes the project is one of the early innings of the convergence between crypto and the mainstream.
More analysts believe in $HYPE’s potential to keep rising, considering the price dynamics across the broader crypto market. Influential crypto trader Zion Thomas, aka Ansem on X, thinks $HYPE established a bottom when the price stayed above $20 while Bitcoin went to $60,000 from $80,000. According to him, the crypto community has onboarded a lot more TradFi capital in the past few months, reflecting an increased Hyperliquid trading volume in stocks and commodities.
Thomas believes an improved regulatory environment in Washington, DC, with the CLARITY Act progressing, will encourage people to buy spot if $HYPE’s price climbs and stays above $50. He also thinks the combination of events will lead to price discovery for the decentralized protocol at the same time as the upcoming SpaceX IPO.
Crypto Whales Are Turning to $HYPE
It is worth noting that $HYPE’s surging value has attracted speculative crypto traders, most of whom are capitalizing on the price surge to make significant profits. Lookonchain reported on Wednesday about a trader who opened 10x longs on 36,875 ZEC worth $21.59 million and 287,618 $HYPE, worth $13.89 million, only to realize $2.1 million in unrealized profit in less than two days.
The on-chain tracker also identified another newly created wallet that bought 206,325 $HYPE worth $9.95 million and staked it. The same whale has bought a total of 2.34 million $HYPE worth $102 million since April 14, suggesting an ongoing accumulation.
Notably, the events surrounding $HYPE align with the prevailing narrative of an ongoing Hyperliquid protocol adoption that could boost demand for its native utility and governance token. These events support the bullish projection and expectation of higher price targets, with several users believing in the possibility of the cryptocurrency hitting the $100 threshold soon.
Related: Hyperliquid Price Prediction: Can $HYPE Break Above $50 After Recent Rally?