Hyperliquid (HYPE) Nears Record Zone After Push to $94.50

HYPE Eyes $100 After Breakout From $77–80

What Is Hyperliquid (HYPE) — the token of the decentralised derivatives venue — pushed to $94.50 in the latest session before settling around $91, keeping it within reach of its record zone. The advance extends a breakout that started from the $77–80 consolidation band on the daily chart: HYPE first cleared its September highs and then printed levels above $94. Holding above both short- and medium-term moving averages keeps the structure constructive, and the relative strength index sits in the low 60s — cooler than several large-cap peers, which our desk reads as leaving more upside room before the token runs hot. First support is tracked at $88–90, with $84–86 below it and a firmer floor at $78–80. Above, the $94–95 band is resistance; a sustained move through it would put a retest of $100 back on the table. Demand tailwinds are not purely technical. Hyperliquid's newly launched lending feature — which permits direct manual borrowing against HYPE and Bitcoin — has been credited with supporting recent buying, and the lending market absorbed $269 million in borrows in its opening phase. The breakout also builds on momentum from earlier in the week, when HYPE topped $90 for the first time after a 15% two-day rally. For readers evaluating the venue directly, our guide on How to Trade on Hyperliquid covers the mechanics from deposit to position management, and spot trading flows alongside derivatives activity remain a useful check on whether the move reflects genuine accumulation rather than a leveraged squeeze.

Binance Data Shows Gen Z Shuns Perp Leverage

While HYPE's chart trends upward, flow data adds a generational twist that matters for any perpetuals venue. A Binance Research report dated August 12 examined how different age cohorts use the exchange's direct stocks, tokenized bStocks and traditional-finance perpetual contracts — and the youngest cohort turned out to be the most conservative. ETFs accounted for 25% of Gen Z direct-stock trading volume in early August, up from 14.6% in June and more than double the 9.5% share among millennials. In July, unleveraged ETFs drew 21.9% of the cohort's net stock inflows, up from 18.5% a month earlier, while overall net stock investment fell 17.4% and leveraged-product inflows dropped 28.5%. Gen Z was the only cohort whose ETF holder count grew in July, adding 2.9% as millennial and Gen X holder counts fell. Roughly 76% of Gen Z bStocks accounts are net accumulators — the highest share of any group and nine points above millennials. Among accounts that bought without ever selling, the largest average single purchases went to the Schwab U.S. Dividend ETF (SCHD) at $16,567 and Broadcom at $12,370, versus just $633 for Tesla and $514 for Nvidia. Perpetual contracts tell the same story: Gen Z accounts average 13 TradFi perp trades a month — fewer than millennials at 17, Gen X at 16.5 and even boomers at 19 — and only 14% are high-frequency traders. About 88.2% of Gen Z perp accounts avoid leveraged or inverse products entirely, and by early August such products drew just 2.65% of the cohort's net inflows — evidence that most users prefer to avoid leverage for long-term capital. The cohort represents 44% of Binance's direct-stock and bStocks users and 45% of its TradFi perp users, and a 2023 FINRA Foundation and CFA Institute survey found 55% of U.S. Gen Z investors hold crypto. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Cautious Flows, Structural Bid

The rally has since extended into fresh price discovery: HYPE printed a new all-time high of roughly $96 before easing toward $95.40, putting the psychological $100 level in immediate reach with no historical resistance overhead. Alongside the price action, Hyperliquid rolled out trailing stop orders across its perpetual markets — a trigger that follows the mark price in the position's favor and fires a market order once price retraces by a chosen distance or percentage, with an optional activation price to delay tracking. The platform's total open interest has climbed to $14.3 billion, while HIP-3 markets processed more than $4.44 billion in August. Per CoinGecko data published September 21, the venue generated $429.04 million in revenue between January 1 and September 15, with fee flows partly routed to the Assistance Fund's open-market HYPE purchases.

Adding a fresh datapoint to the utility narrative, HYPE has now been credited with a year-to-date gain of roughly 272%, making it one of the strongest large-cap performers of the year, a run attributed in part to the native lending feature that lets users lock HYPE as collateral and borrow stablecoins on-chain. Beyond the credit market, the project is reportedly working on regulatory filings to open its perpetual products to retail customers in the United States — a step that, if successful, would expand the platform's user base and liquidity pools and reinforces the product-driven framing of the rally rather than a pure momentum story. The source also cautions that new all-time highs can attract both buyers and profit-taking, leaving the trajectory dependent on market conditions and continued user growth.

An update on the tape: HYPE has cooled from its latest push, topping out at $95.99 before drifting back to test the $90 area. Analyst Navid Ahmad, in a CoinMarketCap community analysis, traced the current pullback to a wave that began near $89.90, noting that price has slipped below its 7-day moving average and that short-term momentum has softened accordingly, with the RSI easing to roughly 44.5 — unwinding the overbought pressure built during the prior high. The medium-term structure remains intact, with the token still holding above its 30-day moving average and well clear of its 200-day line. He flags layered support at $91.50–92.20, then $89.80–90.50 and $87.80–88.80, warning that a break below $86.80 would force a full reassessment of the uptrend, while reclaiming $95.50–95.99 would open targets at $98 and $102.

(as of 05:51 UTC) Our read is that the two threads converge on a single theme: HYPE's advance is being carried by structural demand rather than speculative froth. The COINOTAG 42-indicator composite shows support stacking thickly beneath spot at $94.1300 — $92.4533 (64/100, STRONG, from S1 and Fibo 0.114), $88.0433 (67/100, STRONG, from BB Middle, SMA 20, Ichimoku Tenkan and Ichimoku Kijun) and $80.5371 (68/100, STRONG, from Fibo 0.382, Keltner Lower, EMA 50 and LVN) — while Hyperliquid coverage of the derivatives book documents where leverage actually sits, with funding at 0.0034% and $2.38B in open interest across altcoin market venues. RSI at 67.55 and a bullish MACD signal sit alongside a Fear & Greed reading of 78/100 (Extreme Greed), leaving the tape stretched but not broken. A sustained daily close above the $94.0733 shelf (84/100, STRONG) would reopen $108.87 (50/100) and then $113.41 (45/100); a failure at the $92.4533 floor would counsel patience. As of the latest session, the trend remains an uptrend and the structure favors the former.