HYPE Price Hits ATH on ETF and Stablecoin Momentum – Here’s What’s Next!

Hyperliquid price is crossing into uncharted territory with a new all-time high of $57.34. In just seven days, the token is up more than 24%, with a single-day surge of 2.47% pushing its market cap to $19.01 billion. Trading volumes have shot up nearly 40% in 24 hours, suggesting heightened interest and deep liquidity.

As someone following this rally closely, I see a mix of strong fundamentals and technical triggers shaping HYPE’s price run. But with momentum indicators flashing warnings, the question is whether HYPE can sustain its speed or if a cooldown is next. Join me as I take you through the factors that led to the surge and the potential price targets.

Why is Hype Price Up Today?

Several catalysts explain why the HYPE price has shot up big this week:

1. Paxos USDH Proposal: On September 8, Paxos unveiled plans for USDH, a compliant stablecoin built for Hyperliquid. With 95% of reserve interest earmarked for HYPE buybacks.
   
2. Lion Group Holding Conversion: The Nasdaq-listed firm revealed it would reallocate $600 million worth of SOL and SUI into HYPE, citing Hyperliquid’s infrastructure as a driver of long-term growth.
   
3. ETF and ETP Developments: Asset manager VanEck is pursuing a Hyperliquid spot staking ETF in the U.S. while simultaneously launching an ETP in Europe.

Onchain & Derivatives Overview

Liquidations have played a key role in HYPE’s latest surge. The chart by CoinGlass shows a cluster of short liquidations in late August, which helped fuel upward momentum as sellers were forced out. More recently, a wave of long liquidations around September 10 highlights the risks of chasing overbought levels. With $3.08 billion in longs and $3.21 billion in shorts. Successively, even modest price swings could trigger sharp liquidation cascades, amplifying volatility in the short term.

Hyperliquid Price Analysis

At the time of publication, HYPE is trading at $57.18, well above its 7-day SMA of $51 and 30-day EMA of $46.95. The move is technically impressive, confirming a strong bullish trend, but it also comes with caution flags. The 7-period RSI sits at 83.91, placing HYPE firmly in overbought territory.

Resistance now looms at $61.68, the Fibonacci 127.2% extension. A decisive breakout there could clear the path for Hype price toward the $73.84 target, aligning with the 200% Fibonacci level. On the downside, immediate support sits around $49.70, with deeper cushions near $40.33.

What reassures me here is liquidity. With turnover at 3.23% and volume rising nearly 40% daily, Hyperliquid appears well-equipped to absorb selling pressure if profit-taking kicks in. That said, chasing the rally at these levels requires tight risk management.

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