Hyperliquid (HYPE) shattered its previous all-time high on Friday, September 18th, by breaking through the $89.69 mark. This powerful rally has propelled the token into the top 10 cryptocurrencies by market capitalization, showcasing its robust performance amid a largely consolidating altcoin market.
During the trading session, the digital asset's price spiked to a peak of $92.56, demonstrating a distinctive upward trend independent of the broader market's sideways movement. According to Tech Charts analyst Aksel Kibar, the HYPE/USDT daily chart is displaying a textbook 'breakout-retest-continuation' pattern, which has allowed the token to enter a price discovery phase free from historical selling pressure following its break above the $89 resistance level.
Based on the channel's extension metrics, Kibar has identified a medium-term technical target of $100.5. Conversely, the former resistance zone at $76.6 has now transformed into a crucial support level, acting as a key defensive line for buyers looking to enter the market.
Data compiled by Woofun AI reveals that this decentralized derivatives network processed a substantial $141 million in HYPE/USDC perpetual contract trading volume over a 24-hour period. This activity underscores the platform's aggressive competition for market share against established centralized exchanges.
With a capped total token supply of 1 billion, Hyperliquid's fully diluted valuation (FDV) has now surpassed $87 billion. Institutional interest continues to rise, with entities increasing their holdings through corporate treasury management solutions, which is adding further upward pressure on demand.
Looking ahead, the token's near-term trajectory will hinge on whether the weekly close can solidify above the $90 threshold. Additionally, market participants are closely monitoring the flow of funds around the futures contract settlement date at the end of this month. If the current support level holds firm, HYPE is well-positioned to continue its anticipated triple-digit rally; however, a failure to maintain these levels could expose the asset to a potential pullback.