Cryptocurrency trading platform Robinhood (HOOD) recently Announce The listing of HYPE, the native token of decentralized exchange (DEX) Hyperliquid, sparked a new high for the altcoin, which rose above $40 on Thursday, marking a 13% intraday rebound.
$1 billion to buy back HYPE token
HYPE, with a market capitalization approaching $11 billion, has emerged as one of the best performers in the market, rising 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 past 24 hours, according to Data From Queen Gekko.
The recent rise in HYPE prices also coincides with Hyperliquid Strategies filing with the US Securities and Exchange Commission (SEC) to raise $1 billion to buy back HYPE tokens.
The company is expected To hold approximately 12.6 million HYPE tokens, worth approximately $470 million, along with $305 million in cash reserves allocated for additional token purchases.
Key resistance and support levels for Hyperliquid price
As of now, HYPE’s price is trading at approximately $40.54, still 31% below its all-time high of $59 reached earlier this year. Going forward, key price levels for Hyperliquid include closing the week above $40, which will turn this previous resistance into a short-term support level for potential further upside.
To the upside, additional resistance for HYPE price may be encountered at $42, $46, and $50 before the altcoin can attempt to retest its peak at $59. Conversely, a minimum support for Hyperliquid’s short-term price action is expected at $35, which was established over the past week, providing a buffer against potential new declines in the price.
Featured image of DALL-E, chart from TradingView.com
