In a remarkable turn of events, Hyperliquid’s native token HYPE has surged to a new all-time high of $88 on September 4, 2026. Currently trading at $85.78, the token has witnessed a staggering 51% increase over the past month, with a 24-hour trading volume of $1.53 billion and a market cap of $21.63 billion.
This recent rally follows a significant rebound from a low of $50 in early August. HYPE has been climbing steadily, now approaching the crucial resistance zone between $90 and $95, with traders setting their sights on the psychological milestone of $100 as the next target.
Several factors contributed to the impressive rise of HYPE. The Hyperliquid exchange has seen a notable uptick in user activity this year, as traders flock to the platform for oil futures trading, attracted by its 24/7 operational hours. This heightened trading activity has led to increased fee collections, with the protocol reinvesting these funds into buying back HYPE tokens, effectively reducing the circulating supply.
Adding to the positive sentiment, President Trump referenced plans at a recent White House crypto event regarding the potential launch of the Hyperliquid exchange in the U.S., signaling a promising future for the platform. Although a specific timeline remains unconfirmed, this announcement has undoubtedly bolstered investor confidence.
Crypto analyst Jelle remarked on HYPE’s strong upward momentum, noting the token’s impressive performance from earlier price points. Many traders are now contemplating taking limited profits around the $100 mark while retaining the bulk of their positions for a potentially larger ascent.
However, not all analysts share an optimistic outlook. Some, like the analyst known as BATMAN, have flagged a bearish divergence at the recent local high and suggested monitoring the $70 range as a critical retest level before considering any long positions.
Whale Activity Fuels Market Confidence
On-chain data from Lookonchain reveals that a mystery wallet, labeled 0x6436, has been aggressively acquiring HYPE tokens. Initially, the wallet purchased 1.28 million HYPE at around $70 three months ago, amounting to approximately $89.13 million. In the past ten days, it has added another 1.62 million tokens at an average price of $82.40, bringing its total holdings to around 2.9 million HYPE tokens, equating to over $220 million.
This accumulation by a mystery whale has certainly stirred market dynamics and instilled confidence among investors.
Buybacks Leading the Charge in Crypto
Data from Hyperliquid Daily indicates that the protocol has invested $379 million in HYPE buybacks in 2026, making it the largest token buyback program in the crypto space this year, surpassing competitors like Pump.fun and Sky.
From a technical standpoint, HYPE is performing well, trading above its 20-day exponential moving average (EMA) of $77.76 and its 200-day EMA of $55.84. The widening Bollinger Bands suggest increased volatility, with the upper band nearing $95.46.
The next significant test for buyers will be breaking through the $90 to $95 resistance range, a move that could pave the way for HYPE to reach the coveted $100 mark.
