Hyperliquid's HYPE breakout puts $100 price target in play
HYPE has surged more than 30% in five days to a record near $74, and the chart now points to a possible move toward $100–$105. Price broke out of a bull pennant after a strong late-May rally, with the pattern’s measured target around $105.30. Rising volume supported the breakout, but the RSI above 77 suggests the token is overbought and vulnerable to a short pullback. A drop toward the 20-day EMA near $58.32 would weaken the setup. Derivatives data remains bullish: open interest has hit a record $3.5 billion, funding rates have stayed positive, and shorts have absorbed far more liquidations than longs, indicating a short squeeze. Fundamentals also support the move. Hyperliquid generated $57.9 million in 30-day app revenue, surpassing Ethereum, and most protocol fees are used to buy HYPE on the open market. ETF inflows and recent regulatory support for perpetual futures add further tailwinds.
