HYPE Soars Beyond $40 Following Robinhood Listing: | Crypto News
Cryptocurrency trading platform Robinhood (HOOD), has lately announced the itemizing of HYPE, the native token of the decentralized exchange (DEX) Hyperliquid, sparking a new rally for the altcoin, which surged past $40 on Thursday, marking an intraday recovery of 13%.
$1 Billion For HYPE Token Buyback
HYPE, with a market capitalization nearing $11 billion, has emerged as one of the market’s top performers, skyrocketing by 1,000% from its launch price of $10 in December 2024. This growth has been accompanied by an 18% increase in trading quantity over the last 24 hours, according to data from CoinGecko.
The latest uptick in HYPE costs also coincides with Hyperliquid Strategies’ submitting with the US Securities and Exchange Commission (SEC) to raise $1 billion for a buyback of HYPE tokens.Â
The company is anticipated to maintain roughly 12.6 million HYPE tokens, valued at around $470 million, along with $305 million in money reserves designated for extra token purchases.
Key Resistance And Support Levels For Hyperliquid’s Price
As of now, the HYPE price is trading at roughly $40.54, still 31% below its all-time high of $59 reached earlier this 12 months. Moving ahead, key price ranges for Hyperliquid embody closing the week above $40, which might convert this earlier resistance into a short-term assist stage for potential additional will increase.
To the upside, extra resistance for the HYPE price could also be encountered at $42, $46, and $50 before the altcoin can attempt to retest its $59 peak. Conversely, a assist ground for Hyperliquid’s short-term price motion is anticipated at $35, established over the past week, offering a buffer against potential new declines in price.
Featured image from DALL-E, chart from TradingView.comÂ
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