Hyperliquid Surges Past $60: What’s the Next Move?

The value of HYPE has skyrocketed to unprecedented levels, surpassing $60, with a remarkable 24-hour increase of 16.15%. This surge is being fueled by rising ETF interest and speculation within the decentralized finance (DeFi) realm.

As per market insights, HYPE (HYPE) crossed the $60 threshold on May 21 and continues to reach new heights, currently valued at approximately $59.844, reflecting a 24-hour rise of 16.15%. This development places HYPE in price discovery mode, with each upward movement driven by limited availability and intense demand from both DeFi market participants and emerging institutional interest.

The token gained substantial traction during the early days of the conflict involving Iran, Israel, and the US, as traders sought to engage in oil futures transactions during non-standard hours.

Notably, this uptick occurs while the larger cryptocurrency market is stable, with Bitcoin (BTC) stabilizing around the $77,000 range.

Bitwise’s Hyperliquid ETF has been actively acquiring and staking significant amounts of HYPE, as other fund issuers rush to introduce competing offerings, creating a feedback loop between on-chain demand and inflows into listed funds. Additionally, HYPE is at the center of a rapidly expanding perpetual trading venue, providing it with structural support through protocol revenue, buybacks, and DeFi yield strategies.

Short-Term Price Expectations (Days to Weeks)

In the immediate future, HYPE finds itself in a decisive growth phase characterized by soaring prices, parabolic trends, and substantial daily gains. This situation often indicates a heightened likelihood of a sharp price correction, despite the overarching upward trend persisting.

Traders should remain vigilant over the coming days and weeks. A continuation towards the $65–$75 range seems attainable if ETF inflows continue robustly and funding conditions are favorable. Conversely, a retreat to the mid-$40s to low-$50s would be typical following a breakout beyond the $60 mark. Additionally, expect intraday price fluctuations and potential pullbacks of 20–30% during this volatile phase.

Simply put, anyone buying HYPE at this moment is capitalizing on momentum near the end of a surge rather than acquiring value at a clearly identified support level. The risk/reward ratio in the short term is currently skewed towards volatility rather than consistent upward movement.

Market analysts, including Arthur Hayes, have been labeling HYPE as one of the most undervalued assets for several months.

Medium-Term Outlook (Next Few Months)

Over a span of 3 to 12 months, the direction of HYPE will depend less on current price movements and more on whether the Hyperliquid ecosystem can sustain a steady volume of derivatives and generate consistent fees; maintain ongoing buyback/burn or staking initiatives; and secure continued ETF inflows alongside listings on additional platforms.

If these conditions are met, HYPE is well-positioned to remain one of the leading tokens in the DeFi space, with the potential for higher trading levels throughout the cycle, despite likely fluctuations. However, if ETF demand decreases or Hyperliquid’s volumes decline, the current price range may become a temporary peak rather than a new baseline.

Following the exhaustion of this breakout phase, it’s reasonable to expect HYPE to establish a volatile trading range, possibly between $35 and $70, before broader market sentiment, ETF inflows, and the state of on-chain derivatives liquidity determine the next direction.

Critical Risks Impacting the HYPE Bullish Scenario

There are three notable risks to consider when forecasting HYPE’s price. The first is regulatory risk; on-chain derivatives and staking ETFs are facing increasing scrutiny, and any adverse actions from U.S. or EU regulators could negatively impact both Hyperliquid and HYPE.

Next is liquidity risk. Should trading volumes shift to competitors or if funding sources diminish, the economic foundation supporting HYPE could weaken rapidly. Additionally, any unwinding of reflexivity might reflect on the future price of HYPE. The same feedback loops that enhance upward momentum can also amplify declines if flows become negative.

Currently, the overall trend appears predominantly bullish: HYPE is reaching new milestones with impressive daily gains, and structural flows are still trending upwards. The dynamic is simple yet tense: while upward potential persists, the risk of becoming exit liquidity during this phase remains a concern.