The Crypto Desk desk. Editor: Sam Daodu.
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Hyperliquid (CRYPTO: HYPE) fell 16.1% over the past week, placing it 10th by market value among cryptocurrencies. At $72, it is down 1.9% in 24 hours, 10.2% over two weeks, and 10.6% in the last month, and is currently 26.3% below its all-time high.
Hyperliquid is a decentralized exchange for perpetual futures, contracts tied to a cryptocurrency’s price that do not expire. HYPE is the exchange’s native token. Its recent drop was more significant than Bitcoin’s (CRYPTO: BTC), which fell 5.6% during the same week to $73,899. HYPE closed at its 30-day low of $72 on November 10, following a recent peak of $90 on October 30.
Traders are now focusing on the $100 mark, which is the first significant milestone above HYPE’s all-time high. So can HYPE reach $100 in the seven weeks left before 2027?
A Climb to $100 Means a New All-Time High for HYPE
HYPE has never traded at $100. Its highest price was around $98 on September 23, so a move to $100, around 38% above its current price, would set a new all-time high. At its current trading value, HYPE is valued at about $17.3 billion, and it would need to climb back above its September valuation while the token still trends lower.
Additionally, HYPE faces challenges from monthly token unlocks. Approximately 9.9 million HYPE tokens, worth about $715 million at the current price, are scheduled to unlock each month out of a maximum supply of 1 billion. This increase in circulating supply makes it even harder for HYPE to reach $100 by December, since its market value would need to surpass what was needed in September.
HYPE currently holds a mere 0.7% of the total cryptocurrency market value, lagging behind TRON, which accounts for 1.23%. For HYPE to move up in the rankings, it would need a significant climb.
Buybacks, ETF Flows, and ICE Need to Outpace Recent Selling
Daily Buybacks Haven’t Stopped the Decline
Hyperliquid’s Assistance Fund, which collects most of the exchange’s trading fees, uses those funds to buy HYPE every day. However, this daily buying hasn’t been enough to prevent the 16.1% dip, as large holders have taken profits and leveraged long positions have built up below the price.
Currently, HYPE is trading 9.7% below its 20-day moving average of $80 and 14% below its 50-day average of $84, indicating that sellers are dominating the short-term trend. Although Upbit and Bithumb added HYPE on November 10, trades on these Korean exchanges do not contribute fees to the fund. More trading volume could result from Pump. Fun, which has introduced limit orders and cross-margin trading to its futures platform “powered by Hyperliquid.”
Recent Outflows From U.S. HYPE ETFs
An ETF, or exchange-traded fund, operates like a stock and holds tokens on behalf of its investors. Recently, U.S. Hyperliquid ETFs faced a net outflow of $2.7 million on November 9 and no net flows on November 10. While these outflows are relatively small, reaching new highs would likely require weeks of consistent inflows.
ICE’s U.S. Futures Plan Has Previously Driven HYPE Prices
On October 29, Intercontinental Exchange (NYSE: ICE | ICE Price Prediction), which owns the New York Stock Exchange, announced plans to introduce Hyperliquid-based perpetual futures in the U.S. After the announcement, HYPE hit its 30-day peak of $90 the next day. However, this plan still awaits approval from the Commodity Futures Trading Commission (CFTC), the U.S. regulator for futures markets. If the CFTC approves it, HYPE could see another significant price jump.
Meanwhile, the broader cryptocurrency market is showing weakness. Ethereum (CRYPTO: ETH) dropped 11.6% this week, and Solana (CRYPTO: SOL) fell by 10.2%. The Crypto Fear and Greed Index, which measures market sentiment, is currently at 35, indicating a fearful atmosphere among traders.
Hyperliquid Questions Investors Are Asking Before 2027
Will Hyperliquid Reach $100?
While reaching $100 is possible, it’s unlikely to happen before 2027. HYPE needs to establish a new all-time high first, and the current short-term trend is downward.
Is Hyperliquid a Good Investment?
HYPE is up 184.5% year-to-date, while Bitcoin is down 15.5%. However, HYPE has also declined 17.7% since the end of October, showing that its price can be quite volatile.
What Is HYPE’s All-Time High?
HYPE’s all-time high is approximately $98, reached on September 23.
Can HYPE Reach $100 Before 2027?
We believe HYPE is unlikely to hit $100 by December 31. HYPE would first need to rise above its 20-day moving average of $80, then its 50-day average of $84. Positive ETF flows and CFTC approval of ICE’s plan would also be crucial. Only then could HYPE attempt to surpass its peak of $98, where earlier investors may look to take profits, with $100 just above that target.
The $84 mark is critical. If HYPE can close above this level, it may set the stage for a rally.
Contact [email protected] for any questions or corrections.
Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
