What to know:
- The HYPE price is defending $51–$53 support, with a hold potentially opening a path toward $90–$100.
- HYPE could target $100 if buyers form a higher low and regain key resistance levels.
- Hyperliquid reportedly burned 47.53 million HYPE tokens, strengthening the token’s scarcity narrative.
Hyperliquid (HYPE) is defending a crucial support zone that could determine its next major move, with analysts anticipating a potential bullish continuation for the HYPE price if buyers remain active. Hyperliquid’s substantial token burn also supports the scarcity narrative, although sustained demand, ecosystem growth, liquidity, and broader market conditions remain essential for further upside.
At the time of writing, HYPE is trading at $54.50 with a 24-hour trading volume of $312.72 million and a market capitalization of $13.76 billion. Despite the 3.01% loss over the last 24 hours, the HYPE price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: HYPE Eyes $60 Breakout as Japan-Listed Eole Expands Hyperliquid Investment
HYPE Price Eyes $100 as Key $51 Support Holds
According to the crypto analyst Chiefrat, the HYPE price is approaching a critical technical support zone as its current correction potentially forms Wave 4 of an Elliott wave structure.
The $53–$51 weekly support region could determine the next major direction. If buyers defend this area and momentum improves, the HYPE token may establish a higher low and prepare for another bullish expansion.
Source: Chiefrat’s X Post
Any successful defense of the range between $51 and $53 may open up the door for a Wave 5 move, with the charts suggesting that the next major target lies somewhere between $90 and $100.
Such a move will see significant appreciation from the current support region. In contrast, a breakdown below $51 on a weekly basis may prove the case invalid.
HYPE Token Burn Removes 47.5M Tokens From Supply
The data from MSB Intel further highlighted that Hyperliquid has burned 47.53 million HYPE coins, which are valued at about $2.68 billion according to the given price valuation.
This has reduced the possible supply of the token in circulation to a considerable extent since the number of burned HYPE tokens is equivalent to 4.75% of the total supply of HYPE tokens.
The wide burn system can become an important lever for the tokenomics of HYPE over time as the demand for Hyperliquid increases even further.
With this system, tokens will be burned forever, which means that there is a possibility to reduce supply pressure in the future in case of strong activity of the ecosystem and investor interest. However, only burns cannot guarantee a price increase.
Despite the bullish price predictions and token burns, the HYPE price is moving in a downward direction. However, the general trend in the crypto market is improving, and HYPE could witness a breakout if conditions remain favorable.
What Happens Next?
The future direction of the HYPE price depends on how well the buyers defend the $51-$53 support level. If the bulls make a strong bounce, then this may confirm the bullish pattern and open the path towards the $90-$100 region.
On the other hand, if the price closes below $51 on the weekly chart, then it would invalidate the pattern.
Also Read: Hyperliquid Price Holds $55 Despite Pullback as Q2 Growth Strengthens Outlook
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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