Here’s why Hyperliquid (HYPE) price spiked today

Hyperliquid ( HYPE ) rallied sharply over the last 24 hours, outperforming most major cryptocurrencies . Notably, the price of HYPE surged 8%, rising from a low of $34.87 to as high as $39.06. With 336.7 million tokens in circulation, Hyperliquid’s market cap reached about $13.1 ￰0￱ daily price chart (24H).) and Ethereum (ETH) recorded brief spikes — 1.07% and 0.8% respectively — at the time of analysis. What’s behind HYPE’s price rally The token’s price rally aligns with a strategic corporate move aimed at advancing the Hyperliquid ecosystem through a “leading HYPE treasury strategy.” On October 22, a merger-stage entity, Hyperliquid Strategies Inc.

(HSI), filed an S-1 registration with the U. S. SEC, stating plans to raise $1 billion by offering up to 160 million shares of its “common stock.” Nasdaq-listed biotech firm Sonnet BioTherapeutics is merging with a special purpose acquisition company (SPAC), Rorschach I LLC, in an $888 million reverse merger to form HSI, according to the ￰1￱ will start with a digital asset treasury holding about $583 million in HYPE tokens and a $1 billion fund for additional HYPE token purchases, signaling backing for the token’s ￰2￱ price analysis HYPE’s recent rally may still face ￰3￱ the 50-day SMA ($46.31) and 100-day SMA ($44.95) are trending above the current price, confirming a bearish ￰4￱ the time of analysis, the 14-day RSI stood at 45.51, reflecting weakening momentum but holding above oversold ￰5￱ volume spiked during the recent sell-offs but has since ￰6￱ often suggests panic selling has eased, although buyers have not yet stepped in ￰7￱ technical daily price chart.) price spiked today appeared first on Finbold .