Hyperliquid’s HYPE Rallies 30% as ETFs, Futures Push for $100

- HYPE price surged 30% in five days, hitting a record high near $74 after a bullish technical breakout - Rally driven by record futures interest, aggressive buybacks, and inflows into newly launched HYPE ETFs On June 3, 2024, Cointelegraph reported that Hyperliquid’s HYPE surged 30% in five days to a record $74 as the token broke out from a bullish pennant chart pattern, and analysts cited upside targets in the $100–$105 range if current momentum persists. According to Cointelegraph on June 3, 2024, renewed demand in HYPE perpetual futures fueled the rally as open interest jumped to a record $3.5 billion, based on CoinGlass data. Funding rates remained consistently positive, indicating ongoing bullish sentiment among leveraged traders, while a sharp short squeeze led to more than $126 million in bearish liquidations since May 20. As a result, these factors accelerated the price breakout over the following week. Cointelegraph also reported on June 3, 2024, that Hyperliquid’s protocol fundamentals showed notable strength. According to DefiLlama, Hyperliquid generated $57.9 million in app revenue during the last 30 days, and this figure exceeded Ethereum’s corresponding revenue. In addition, the protocol’s buyback mechanism directs 99% of transaction fees to purchase HYPE on the open market, thereby supporting persistent demand. Momentum was further boosted as the U.S. Commodity Futures Trading Commission (CFTC) recognized perpetual futures for price discovery and risk management, according to Cointelegraph on June 3, 2024. Meanwhile, the successful launch of U.S.-listed HYPE spot exchange-traded funds (ETFs) added to the tailwinds. SoSoValue data cited by Cointelegraph on June 3, 2024, showed that the ETFs attracted $122.2 million in net flows since their May 12 launch, signaling growing institutional interest. According to Cointelegraph on June 3, 2024, technical analysis suggested upside targets as high as $105 by June or July if momentum held. However, the outlet noted that overbought conditions—reflected by a relative strength index (RSI) above 77—could lead to short-term price consolidation. In addition, a break below the 20-day exponential moving average, then near $58.32, would weaken the bullish setup. Nevertheless, Cointelegraph reported that both technical and fundamental signals continued to favor upside with the $100–$105 price target in focus. As of June 1, 2026, Hyperliquid (HYPE) is trading at $72.76, with a 5.45% change in 24-hour trading volume, according to the latest market data.