• HYPE has made a good comeback following recent dips
• The token bounced back from intraday lows in the face of general market weakness
• Smart wallet activity reflects strong long positions

Hyperliquid native token HYPE has made a good comeback following recent dips, reviving investor hopes about its future. In a recent session, the token bounced back about 6 % from intraday lows in the face of general market weakness. The token gained over 25 % in a week earlier this year. At press time, the coin is trading at $46.48, with a 3.16% increase rate. 

Also Read: HYPE Price Near Resistance as 67% Bullish Community Eyes $64.10 Target

Catalysts Behind the Upside of HYPE

Binance’s announcement to introduce USD-marginalized perpetual contracts the coin triggered a 10 % rally after an earlier decline. In June, reports of a scheduled spot listing on Binance US also triggered a bullish surge of more than 14 %. Such developments facilitate greater access and liquidity.

Hyperliquid channels protocol fees into automated buybacks, which sustain upward pressure on the altcoin’s price. The DEX’s derivatives volume has grown, supplying fee generation that drives these buybacks.

Additionally, the coin recently spiked at around $59.39, partially assisted by its listing on BitGo, which improved institutional accessibility. Also, smart wallet activity reflects strong long positions ($86 million), and on-chain data reveal increased whale accumulation.

According to CoinCodex data, the cryptocurrency has an average price of $37 and a maximum price of $46.83 in the month of October. The predicted maximum price is not far from the current price. The Potential ROI of the coin might be 0.14%.

Risk Factors & Technical Hurdles

A significant portion of the token supply is locked or pending future unlocks. Experts caution that future unlock events may create selling pressure that may offset gains. Larger crypto market fluctuations, driven by geopolitical tensions, regulation, or macroeconomic forces, may derail the altcoin’s path as quickly as they drive its ascent.

According to the data given by TradingView, the coin is experiencing resistance (blue) at $46.84 and can boost up to $48 if it goes beyond the said resistance level. The support line of the coin is at $44.61 and can dip to $42 if the value drops below the support level. The Exponential Moving Average (EMA) is indicating a short-term bearish run since the EMA line is above the candlesticks.

According to the TradingView Charts, the relative strength index (RSI) shows that the coin is going through an over-selling phase since the RSI lines are below the 50 median mark. This also means it’s nearing a neutral phase, also indicating that the coin is going to be in a bullish run in the coming days.

The Klinger Volume Oscillator suggests that the buying pressure of the coin is increasing since the KVO line (blue) is above the signal line (red). This is a confirmed bullish signal, indicating a strong upside momentum.

Close attention to volume, open interest, and unlock schedules will be important to separate a real breakout from a fleeting bounce.

Also Read: HYPE’s Bullish Momentum: Can It Hold Above $42 for a $60 Target?