HYPE Token Rises 20% in 24 Hours Amid HyperLiquid ETF Listing and Platform Upgrades

Yesterday, the price of the HYPE token was approximately $39.

The stock price briefly surpassed $45 today, but approached $47 during the night.

This is a 20% increase within less than 24 hours, followed by a slight pullback.

HYPE is the token of HyperLiquid DEX.

It entered the cryptocurrency market two years ago with an initial price of $3.

In fact, during the first month, it continued to rise, even exceeding $30, but then experienced a pullback, falling back to $10. This may serve as a reasonable reference price for analyzing its subsequent performance.

After reaching $10, the stock began a new upward trend and hit a historic high of nearly $60 in September last year.

Subsequently, the index appeared to enter a prolonged period of intense sideways consolidation, with the trend being primarily medium-term rather than short-term.

For example, as early as the end of September 2025, a new adjustment began and lasted for four full months, yet the price only retraced to $20.

At the end of January 2026, a new uptrend began, and over four months later, this uptrend appears to still be continuing.

Although less than two years is insufficient for long-term analysis, HYPE’s price movement so far appears to follow long-term trends lasting several months, with these trends alternating one after another.

In fact, the rally that began in January appeared to stall by mid-April, when the price rebounded above $45 but fell below $40 just days later.

However, this adjustment was so brief and limited that the decline halted and a sideways consolidation began.

This consolidation phase ended yesterday, followed by a strong and sudden rebound after the price touched a low slightly above $38.

It should be noted that HYPE's price typically does not rebound so rapidly, so this may be an unusual situation.

The reason for the rebound is actually the result of multiple factors working together.

The first factor is news related to technology and fundamentals. Indeed, on May 12 (Tuesday), the 21Shares Hyperliquid ETF listed on Nasdaq, achieving a first-day trading volume of approximately $1.8 million and net inflows of $1.2 million, demonstrating strong performance.

The second factor is more technical but traces back to early May, when Hyperliquid launched the HIP-4 upgrade, introducing native prediction markets and outcome contracts on the platform. In the following days, trading volume and on-chain activity saw significant increases. Notably, Hyperliquid is the undisputed leader among decentralized exchanges (DEXs) that allow trading of perpetual futures—also known as perpetual contracts.

Another factor is the platform’s solid fundamentals, high revenue from trading fees, and, most importantly, the ongoing buyback and burn of HYPE tokens (over 43 million tokens have been burned). Additionally, the high trading volume on the Hyperliquid platform has played a significant role.

Recent price movements have been supported by strong momentum and positive market sentiment, as HYPE has broken through a key resistance level, surpassing $45 and forming a bullish pattern.

Additionally, over the past few weeks, the price has been in a consolidation phase, demonstrating relative strength compared to the broader cryptocurrency market.

Assuming the recent rebound is not purely speculative, but supported by solid fundamentals.

Some predictions still remain optimistic about HYPE’s short-term price movement, as its all-time high has not yet been truly approached.

However, even in the medium to short term, it seems possible to enter a consolidation range, as the price quickly retreated to this level after breaking above $45.

It needs to stay above $45, otherwise another pullback could occur in the coming days.

Therefore, although technically still in an accumulation phase, there is strong resistance to overcome, and this resistance is indeed present. However, if this resistance is decisively broken, the upward trend should continue.

If this trend continues, another obstacle remains, as the current all-time high appears to be a very difficult barrier to overcome, even if the current rally persists.