HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Cryptocurrency trading platform Robinhood (HOOD), has recently announced the listing of HYPE, the native token of the decentralized exchange (DEX) Hyperliquid, sparking a new rally for the altcoin, which surged beyond $40 on Thursday, marking an intraday recovery of 13%. $1 Billion For HYPE Token Buyback HYPE, with a market capitalization nearing $11 billion, has emerged as one of the market’s top performers, skyrocketing by 1,000% from its launch price of $10 in December ￰0￱ growth has been accompanied by an 18% increase in trading volume over the last 24 hours, according to data from ￰1￱ Reading: $1.7 Trillion Firm ￰2￱ Price Seeks Approval For Crypto ETF Linked To Multiple Tokens The recent uptick in HYPE prices also coincides with Hyperliquid Strategies’ filing with the US Securities and Exchange Commission (SEC) to raise $1 billion for a buyback of HYPE ￰3￱ company is expected to hold approximately 12.6 million HYPE tokens, valued at around $470 million, along with $305 million in cash reserves designated for additional token ￰4￱ Resistance And Support Levels For Hyperliquid’s Price As of now, the HYPE price is trading at approximately $40.54, still 31% below its all-time high of $59 reached earlier this ￰5￱ forward, key price levels for Hyperliquid include closing the week above $40, which would convert this previous resistance into a short-term support level for potential further ￰6￱ Reading: Gold Rotation Impact: Bitwise Warns Bitcoin Could Skyrocket To $242,000 To the upside, additional resistance for the HYPE price may be encountered at $42, $46, and $50 before the altcoin can attempt to retest its $59 peak.

Conversely, a support floor for Hyperliquid’s short-term price action is anticipated at $35, established over the past week, providing a buffer against potential new declines in ￰7￱ image from DALL-E, chart from ￰8￱