ME News reports that as of June 1 (UTC+8), Hyperliquid’s native token HYPE has surged over 30% in the past five days, briefly surpassing $74 to set a new all-time high. Analysis indicates that HYPE has broken out of a classic bull pennant pattern, with an upside target of $105—representing approximately 45% upside from current levels. Technically, after a rapid rally in late May, HYPE formed a flagpole structure, followed by consolidation within a triangular range, and recently broke above the upper boundary on increased volume. Based on the bull pennant pattern, the theoretical price target is approximately $105.30, with potential realization expected between June and July. Derivatives market data also signals bullish sentiment. Open interest on Hyperliquid has risen to a record $3.5 billion, up significantly from around $1.4 billion at the start of the year. Simultaneously, funding rates have remained persistently positive, indicating sustained bullish market sentiment. Since May 20, cumulative short liquidations on HYPE have reached approximately $126 million, significantly exceeding long liquidations of $68.85 million, suggesting a pronounced short squeeze during the price rally. If the upward momentum continues, further short covering could accelerate price appreciation. On the fundamentals side, according to DefiLlama data, Hyperliquid generated $57.9 million in protocol revenue over the past 30 days—surpassing Ethereum to become the second-largest blockchain revenue network after Solana. The protocol allocates 99% of its fee revenue to an “Assistance Fund” that repurchases HYPE on open markets, serving as a key mechanism for supporting token value. Additionally, the U.S. Commodity Futures Trading Commission (CFTC) recently acknowledged the role of perpetual contracts in price discovery and risk management, providing a favorable outlook for Hyperliquid, whose core business revolves around perpetual contract trading. Meanwhile, since its listing on May 12, the HYPE ETF launched in the U.S. market has attracted approximately $122 million in net inflows, signaling growing institutional demand for HYPE exposure. (Source: BlockBeats)
HYPE Breaks Bull Pennant Pattern, Targets $105 Price Level
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Summary
HYPE price analysis reveals a breakout above $74, forming a bull pennant pattern. The token has surged over 30% in five days, with a price target near $105. Volume spiked as the price broke out of a consolidation triangle. Hyperliquid’s open interest reached $3.5 billion, with short liquidations exceeding longs. The protocol burns 99% of fees to repurchase HYPE. CFTC approval and $122 million in ETF inflows since May 12 indicate growing institutional interest.
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