HYPE hit a record high of nearly US$90. Can the breakthrough be sustained?

Core Points

$86-$87 becomes the closest support level.

Transaction fees create direct demand for HYPE.

U.S. market access has not yet been approved.

Futures trading volume is 13 times that of spot trading volume.

HYPE enters price discovery stage

Hyperliquid's HYPE token hit an intraday high of nearly $89.6 on September 6, before falling back to $89.2 at the time of writing. The token had previously exceeded its previous high of $86.71, with a gain of 4.4% on the day.

Since there is no historical trading range above as a reference, the chart cannot provide a clear level of resistance. The next integer mark is $90, but compared to a brief breakthrough of this psychological threshold, whether the daily closing price can stabilize at $86-$87 will be a more effective test indicator.

Key price after breakthrough

$86-$87: Previous high position and recent support level. Holding the area will maintain the integrity of the breakthrough form.

$84-$85: If the previous high falls, this recent consolidation area will become the next support.

$80-$82: Falling below this range will erase most of the recent breakthroughs.

Transaction fees create direct demand for HYPE

As of July, Hyperliquid has generated cumulative transaction fees of more than US$1.2 billion. Relevant analysis has explored the relationship between this activity and tokens.

According to the official fee rules of the agreement, the Assistance Fund will automatically use its allocated fee share to purchase HYPE. Purchased tokens will be destroyed, thereby reducing the total circulation and total supply.

This allows Hyperliquid's trading business to establish a quantifiable connection with HYPE. Continued trading activity can support fund purchases, although holders will not receive fee dividends and do not have legal claims on platform revenue. Only part of the fee goes to the aid fund, and the rest is allocated to liquidity providers, market deployers, and community-controlled components.

This mechanism supports the utility argument of tokens, but does not explain the point in time of each price fluctuation. The future impact will depend on trading activity, rate levels and the proportion of fees allocated to purchase HYPE.

U.S. market access is still a possibility, not approved

President Donald Trump included Hyperliquid in U.S. policy discussions in August, saying the Commodity Futures Trading Commission (CFTC) is committed to bringing the platform into the U.S. in a compliant and legal manner. The remarks appeared in Trump's broader comments on Hyperliquid and U.S. cryptocurrency policy.

The compliance path could expand Hyperliquid's accessible market, but Trump's statement did not initiate or approve any specific plan. Hyperliquid Strategies later quoted this comment in a press release filed with the SEC, while acknowledging that as of now, no applications, registrations, exemptions or rules-making involving Hyperliquid have been approved and, to its knowledge, are not in pending status.

As a result, political interest has not yet translated into a formal regulatory process, and Hyperliquid's core perpetual contract platform remains unavailable to U.S. users. Still, Trump's comments have brought attention to the project because the United States is the main source of trading capital and institutional needs. Even the mere possibility of a compliance path raises questions about whether Hyperliquid will ultimately reach a larger user base, attract regulated financial institutions, and compete more directly with established derivatives exchanges. In the absence of a clear regulatory path, these results are not guaranteed.

HYPE participates in broader crypto market recovery

Bitcoin is trading at close to $79,500, and gains spread to a variety of large-cap cryptocurrencies. As early as early September, when the broader crypto market returned to positive territory, this improvement had surpassed BTC itself.

Zcash provides another example of increased participation. After the previous ZEC rally pushed the token towards $1,000, its September 6 trading day showed another 13% gain, with an intraday high of more than $1,200.

The synchronized rise suggests that the recovery is not limited to Bitcoin, but it does not establish that funds were transferred directly from BTC to HYPE or ZEC. These tokens have different investment logics: HYPE is associated with exchange activity and token destruction, while the need for Zcash focuses on financial privacy.

Broader market forces help tokens maintain a breakthrough trend, but also bring common downside risks. If Bitcoin reverses or demand for speculative assets generally shrinks, HYPE could come under pressure even if activity on Hyperliquid remains healthy.

This article is for reference only and does not constitute investment advice. Cryptocurrency price and market data may change rapidly after release.