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Following
HYPE HYPE hit a record high of US$88, with strong momentum pushing tokens towards the US$100 target.
The mysterious giant whale currently holds 2.9 million HYPEs after buying in large quantities around US$82.40. Hyperliquid spent US$379 million to buy back HYPE, effectively supporting market demand and reducing circulating supply.
Hyperliquid (HYPE) provides another reason for cryptocurrency traders to pay close attention to the project. On September 4, the token soared to a record high of $88. The strong accumulation of giant whales has injected new impetus into this trend. At the same time, an aggressive repurchase program has pushed HYPE closer to the much-watched $100 mark. After hitting a new high, HYPE is currently trading at around $85.78. In the past 24 hours, the token has increased by 5.2%. The monthly increase has also climbed to more than 51%. This momentum has made HYPE one of the strongest performers in the market.
HYPE momentum builds up as buyers target $100.
The latest round of rebound follows a strong recovery from around $50 in early August. Since then, HYPE has recorded significant increases many times. The current recovery has put the $90 to $95 range in focus. Breaking through the area could open the path to $100. The price of $100 has important psychological significance in the hearts of traders.
A variety of catalysts help strengthen bullish sentiment around HYPE. Earlier this year, HYPE recorded a significant increase in trading activity. The platform provides round-the-clock trading services, attracting more market participants. The increase in activity has also brought more costs to the agreement. Hyperliquid uses these fees to purchase HYPE from the market. Such purchases reduce circulating supply and create additional demand. This repurchase model has become one of HYPE's strongest market narratives.
Political developments have also supported the optimism surrounding the project. President Trump mentioned Hyperliquid at a recent encryption event at the White House. He said Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), is working to promote a U.S. listing of the project. The news raised market expectations for Hyperliquid's potential U.S. expansion. However, authorities have not provided a specific launch date. Therefore, traders must view this as a catalyst for the future.
Aggressive repurchase strengthens HYPE bullish logic
Hyperliquid's repurchase activity provides another important reason for investors to pay attention. According to Hyperliquid Daily, Hyperliquid spent $379 million on HYPE repos in 2026. According to reports, this number makes HYPE the largest cryptocurrency repurchase project this year. Pump.fun and Sky currently lag behind Hyperliquid in spending amounts.
Large-scale buybacks can support market demand while reducing available supply. This dynamic is particularly important during periods of strong trading activity. From the perspective of technical structure, HYPE still maintains a firm bullish trend. The token is trading well above the 20-day exponential moving average (EMA), which is located around $77.76. In addition, HYPE also remained above the 200-day EMA of approximately $55.84. These levels show how dramatic the momentum has shifted since early August.
As the volatility of HYPE increases, the Bollinger Bands has widened. The upper rail is currently near $95.46. This price closely matches the broader $90 to $95 resistance zone. As a result, a decisive breakthrough could trigger another round of buying. The next step will depend largely on how buyers respond to resistance. Strong volume could provide the confirmation that bulls are hoping for.
