Hyperliquid traded near $63 on June 26 after pulling back from its all-time high of $76.70 earlier this month.
Summary
- HYPE holds above $60 support while whales continue buying during the wider crypto market pullback.
- Multicoin’s $319 target depends on Hyperliquid keeping revenue growth, market share and buybacks strong.
- Technical indicators show cooling momentum, with bulls needing $65-$70 to regain stronger control soon.
According to crypto.news data, the token is down over the past week, but it still holds a large gain over the past year.
The latest Hyperliquid price data shows HYPE trading between $59.48 and $65.17 over the past 24 hours. The token holds a top-10 market rank, with a market cap above $14b and fully diluted value above $60b.
HYPE’s recent move looks like a consolidation phase after a sharp rally from the low $30s in March. Price has cooled near $63, but the $60 area remains the main short-term support zone.
A clean break below $60 would put the next support area near $55-$58 back in focus. A move above $65 would show early strength, while a close above $70 would give bulls a stronger case for a retest of the recent high.
Hyperliquid whales keep buying during pullback
Whale activity remains one of the stronger parts of the HYPE setup. According to Lookonchain, a newly created wallet withdrew 222,493 HYPE, worth about $14.41m, from Coinbase Prime. Another whale received 44,986 HYPE, worth about $2.87m, from FalconX.
Those transfers do not prove long-term holding, but they show large buyers are still active during the pullback. Traders often watch Coinbase Prime and FalconX flows because they can reflect institutional or high-net-worth activity.
Derivatives data also shows active trading. CoinGlass data shows HYPE volume rose 29.79% to $4.59b, while open interest slipped 1.15% to $2.52b. Options open interest rose 10.62%, but options volume fell sharply, showing that most activity remains in spot and perpetual futures.
As previously reported, HYPE rallied more than 40% in one week in May as derivatives activity, ETF demand and protocol buybacks supported the move. The current pullback is testing whether that demand can keep absorbing profit-taking.
Multicoin target lifts long-term debate
Multicoin Capital has published a bullish valuation report on HYPE. In the full analysis, the firm said HYPE is now one of the largest positions in its liquid fund and that it has been accumulating since February.
The firm said Hyperliquid generated about $873m in revenue across roughly $2.9t in trading volume in 2025. It also said the platform grew from about 301,000 to 923,000 users and ended the year with about $6b in open interest.
Multicoin argued that Hyperliquid is taking share from centralized exchanges. It said monthly perpetuals volume is now about 17% of Binance’s level, while open interest has reached about 21% of Binance’s level.
The firm also pointed to HIP-3, HIP-4, portfolio margining, prediction markets, tokenized assets and HyperEVM growth as future drivers.
“We believe Hyperliquid is becoming the everything exchange,” it said.
As crypto.news reported, Multicoin backed a $319 HYPE target by 2028 under its base case. The firm also listed risks, including regulation, governance, competition, bad debt and technical pressure.
Technical signals show cooling momentum
The HYPE/USDT daily chart still shows a broader uptrend from March. Price climbed from the low $30s to above $70 before pulling back. That structure keeps the larger trend constructive, but short-term momentum has cooled.
The Accumulation/Distribution indicator is near 2.32m. It remains elevated after rising sharply earlier in June, which suggests buying pressure improved during the rally. The line has flattened recently, showing that accumulation is no longer accelerating.
The Aroon Oscillator is positive near 28.57. That keeps the short-term trend bias slightly bullish, but the reading has weakened from stronger levels. This means the uptrend remains alive but has lost some speed.
In a previous article, crypto.news discussed HYPE’s double-top risk after its pullback from the all-time high. That pattern put the $65 and $62 areas in focus. Price is now trading near that same zone.
Previously, crypto.news exploredwhether HYPE can reach $100 in 2026. That scenario depends on buybacks, volume growth, token unlocks and wider market strength.
For now, HYPE remains in a mixed setup. Whales are buying, Multicoin has issued a strong long-term case, and the broader trend still holds above $60. But momentum has cooled, and bulls need a move back above $65-$70 to confirm that the next upside phase is starting.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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