Cryptocurrency trading platform Robinhood (HOOD), has recently announced the listing of HYPE, the native token of the decentralized exchange (DEX) Hyperliquid, sparking a new rally for the altcoin, which surged beyond $40 on Thursday, marking an intraday recovery of 13%.
$1 Billion For HYPE Token Buyback
HYPE, with a market capitalization nearing $11 billion, has emerged as one of the market’s top performers, skyrocketing by 1,000% from its launch price of $10 in December 2024. This growth has been accompanied by an 18% increase in trading volume over the last 24 hours, according to data from CoinGecko.
The recent uptick in HYPE prices also coincides with Hyperliquid Strategies’ filing with the US Securities and Exchange Commission (SEC) to raise $1 billion for a buyback of HYPE tokens.
The company is expected to hold approximately 12.6 million HYPE tokens, valued at around $470 million, along with $305 million in cash reserves designated for additional token purchases.
Key Resistance And Support Levels For Hyperliquid’s Price
As of now, the HYPE price is trading at approximately $40.54, still 31% below its all-time high of $59 reached earlier this year. Moving forward, key price levels for Hyperliquid include closing the week above $40, which would convert this previous resistance into a short-term support level for potential further increases.
To the upside, additional resistance for the HYPE price may be encountered at $42, $46, and $50 before the altcoin can attempt to retest its $59 peak. Conversely, a support floor for Hyperliquid’s short-term price action is anticipated at $35, established over the past week, providing a buffer against potential new declines in price.
Featured image from DALL-E, chart from TradingView.com
