HYPE price has slipped 0.7% over the past 24 hours to $93.37 after reaching an all time high of $95.99 on Sept. 21, leaving Hyperliquid’s token within 7% of the $100 level.
CoinGecko data shows HYPE remains up roughly 16% over the past seven days and nearly 18% over the past month.
The token traded close to $77 at the start of the seven day period before climbing above $90 on Sept. 18 and extending its rally to a record high three days later.
Recent gains have come as Payward, the parent company of Kraken, outlined plans to bring onchain perpetual futures to US clients using Hyperliquid’s HIP 3 markets.
Payward announced the plan on Sept. 16, with its CFTC-regulated Bitnomial entities expected to create, administer, clear and settle the contracts.
NinjaTrader Clearing would carry client accounts under the proposed structure, which remains subject to regulatory approval.
Hyperliquid would be the first protocol used for the planned rollout.
Payward intends to use the framework for other products and markets later, although it has not disclosed a launch date, expected trading volume, fee structure or economic arrangement with Hyperliquid.
Payward plans to deploy new regulated perpetual contracts through HIP 3 for US clients, while existing Hyperliquid perpetual markets will remain separate.
HYPE gained another utility on Sept. 18 when Hyperliquid introduced manual borrowing, allowing users to supply HYPE or Bitcoin as collateral and borrow USDC or USDT.
HYPE received a 65% loan-to-value ratio under the system, compared with 50% for Bitcoin.
Roughly $269 million was borrowed through the underlying infrastructure on the first day, and HYPE reached another record shortly after the feature went live.
Trading activity remained high as HYPE moved closer to $100, with open interest in its perpetual contracts reaching roughly $2.04 billion early on Sept. 22. Around 21.83 million HYPE were tied to outstanding contracts.
Over the past 24 hours, base unit open interest rose 0.49%, indicating more positions were opened as HYPE traded near its record high.
Hyperliquid had captured roughly 63% of decentralised perpetuals open interest by Aug. 23.
Its share of global perpetual futures volume, including centralised exchanges, had reached around 9.4% by June 30.
Against this backdrop, protocol revenue has continued to fund HYPE purchases through Hyperliquid’s Assistance Fund.
A recent supply analysis estimated that the Assistance Fund acquired roughly 1.98 million HYPE over the past 90 days.
HYPE price analysis
HYPE’s daily chart shows the price trading at roughly $93.51 after reaching $95.99 on Sept. 21 while its price remains well above the Ichimoku cloud, with both the Tenkan sen and Kijun sen sitting near $85.65.
HYPE/USDT 1-day price chart. Source: TradingView.
The forward cloud remains green, with its lower boundary near $73.63 and the upper boundary rising towards the mid $80 range.
HYPE would therefore need to fall roughly 8% from current levels before reaching the Tenkan sen and Kijun sen area around $85.65, which forms the first major daily support zone.
The Coppock Curve has turned upwards again and stands at 13.75. The indicator remains above zero after recovering from its September low, showing that longer-term momentum has started strengthening again while HYPE trades close to its record.
A break above $95.99 would take HYPE back into price discovery with no historical resistance immediately overhead.
The $100 psychological level would become the first target, requiring a gain of roughly 7% from the current price.
On the 4-hour chart, HYPE has been consolidating between roughly $92 and $96 after its latest surge. See below.
HYPE/USDT 4-hour price chart. Source: TradingView.
Parabolic SAR remains below price at $92.16, keeping the short-term trend intact while giving the current move a clear support level.
A 4-hour move below $92.16 would flip the SAR above price and could expose the $90 area.
If selling extends beyond $90, the daily Ichimoku lines around $85.65 become the next major support zone.
Buying pressure has cooled during the consolidation. The 4 hour Elder Force Index has fallen from a September peak near 20,000 to around negative 37, leaving it close to the zero line as HYPE holds above $93.
For the upside case, HYPE first needs to clear the $95.99 record.
A confirmed break would open the path towards $100, while a rejection followed by a loss of $92.16 would increase the chances of a pullback towards $90 and potentially $85.65.
The post Will Hyperliquid price hit $100 as HYPE enters price discovery? appeared first on Invezz
