Hyperliquid’s HYPE token has rallied after bouncing off a key support level, drawing renewed interest from traders and investors. The protocol, a decentralized exchange platform designed to deliver high throughput and fast transaction speeds for crypto users, continues to strengthen its position through strategic token burns and heightened user activity.
Price recovery and technical momentum
HYPE regained positive momentum following a successful retest at the $75 support level, leading to an approximately 27% gain as the token advanced toward $96.13. This move highlighted a strong willingness among market participants to defend crucial levels, which prevented a deeper correction and fueled optimism for further recovery.
According to crypto analyst Einstein, the token’s ability to rebound from expected technical patterns suggests further targets are possible. Einstein identified potential upside levels for HYPE at $120, $140, and $160, though these are seen as resistance areas rather than assured price destinations.
Einstein pointed out that HYPE’s next hurdle would be holding gains despite potential selling near the $100 mark, and noted continued volatility is likely as the price approaches higher resistance levels.
Despite the optimism, a significant gap remains between current prices and these upper targets. Analysts expect that volatility will persist, and traders are closely monitoring whether HYPE can maintain momentum above the recent bounce zone or if a pullback toward $75 will reemerge.
Accelerating token burns and protocol growth
Onchain Lens, a blockchain analytics firm, reported that Hyperliquid conducted a token buyback and burn of 39,980 HYPE tokens on September 22 at an average price of $94.18 per token, removing $3.76 million in supply. The cumulative burn now totals approximately 48.84 million HYPE—about 4.88% of the token’s maximum potential supply. At prevailing market values, the burned tokens represent around $4.64 billion in value.
The protocol’s cumulative revenue stands at about $1.27 billion, further highlighting its continued growth and level of on-chain activity.
Mini dictionary: Hyperliquid, a decentralized exchange protocol built for high-throughput trading, aims to provide low-latency order execution, supporting both spot and perpetual futures trading across a wide range of digital assets.
| Metric | Value |
|---|---|
| Recent token burn | 39,980 HYPE ($3.76 million) |
| Total tokens burned | 48.84 million HYPE (4.88% of supply) |
| Value of burned tokens | $4.64 billion |
| Total protocol revenue | $1.27 billion |
Rising user engagement and increased throughput
Hyperliquid’s network activity has reached new peaks, with the number of monthly active addresses climbing to an all-time high of 291,900, according to analyst Crypto Patel. This uptick in engagement reflects expanding participation within the ecosystem as renewed price action draws more users to the protocol.
Growth in unique addresses is being closely monitored as a barometer for long-term health, though increased usage does not automatically guarantee future price rises. Higher participation may support trading volume, liquidity, and protocol fee generation, driving further platform development.
Network performance has also improved significantly. Data from Hyperliquid Daily shows sustained throughput at 8,000–10,000 transactions per second (TPS), with recent spikes around 19,000 TPS. Robust throughput is regarded as vital for trading-focused blockchains, as it enables efficient order execution, liquidations, and overall network stability during periods of high market activity.
Hyperliquid continues to emphasize scaling and reliability, underpinning its ambitions to offer advanced trading infrastructure for crypto users worldwide.
Outlook and resistance levels
Market sentiment around HYPE has benefited from a sharp rebound, ongoing token burns, rising wallet activity, and network scaling improvements. Immediate attention now centers on whether the token can consolidate in the $95-$100 range and build toward resistance targets at $120, $140, and $160. However, analysts caution that renewed selling or increased volatility may trigger a retracement to the $75 support level.
If HYPE establishes stability above $95, continued bullish momentum and higher targets may be achievable, but the road ahead remains sensitive to broader market dynamics and profit-taking by traders.
