Crypto
HYPE Price Nears ATH, Can This Prevent Reversal?
HYPE is closing in on its record high as institutional interest grows, but fading momentum could make the next breakout decisive.
BLOCKINSIDERLoadingHYPE is closing in on its record high as institutional interest grows, but fading momentum could make the next breakout decisive.
Hyperliquid's HYPE token is trading at $93, just 5.3% below its all-time high of $97.99. The rebound arrives as Grayscale's staking-enabled Hyperliquid ETF adds institutional demand to an already strong altcoin rally. However, momentum indicators are flashing warnings that could decide whether bulls finally break above $100.
Money flow is surging, yet fading buying pressure beneath the surface hints at a possible reversal. ETF flows, meanwhile, remain uneven, leaving the next leg dependent on sustained institutional appetite.
HYPE formed its all-time high of $97.99 in late September, inches away from the $100 mark. The broader market conditions have been bullish for the altcoin since August. The pullback from the peak was shallow compared with the earlier rally.
After a short decline to $84.66, the altcoin reversed and now trades at $93.0. That marks a 9.9% bounce from the low and leaves the record just 5.3% away.
Fibonacci extension levels place resistance at $98.76 and $102.59, with $107.48 as the full extension. Crossing the record could therefore carry HYPE beyond $100 this time around.
The all-time high carries added weight because it followed a roughly 30% surge from the mid-September low. Bulls defended the $84.66 level during the latest dip, preserving the higher-low structure. That resilience explains why traders are eyeing a retest of the peak rather than a deeper correction.
Technical indicators are exhibiting mixed signals. The Chaikin Money Flow, or CMF, reads 0.23, clearly showing strong inflows from institutions and retail investors. It climbed from below zero on September 28, following a relatively bearish September.
However, the CMF crossing the 0.20 threshold has usually signaled a reversal. That held true in August. The indicator peaked near 0.24 on August 23, then slid below zero by mid-September.
At the same time, the Money Flow Index, or MFI, is forming a bearish divergence with price. The MFI has printed lower highs over the past month and a half, now sitting at 43.89. Meanwhile, HYPE price kept rising and posted higher highs.
This shows buying momentum dissipated into selling momentum, though HYPE price has yet to reflect it.
A decisive daily close above $97.99 would weaken this bearish reading. Failure to do so could expose the $90.04 support. Together, the two readings suggest money is entering the market even as underlying strength weakens.
Grayscale's SEC filing for a Hyperliquid staking ETF could act as a bullish catalyst for HYPE. The fund, ticker HYPG, has since cleared registration and listed on Nasdaq with a 0.29% fee. That undercuts 21Shares at 0.30% and Bitwise at 0.34%, while adding potential staking rewards.
This matters because a Nasdaq-listed product opens HYPE to brokerage accounts that avoid crypto exchanges. Grayscale's fund also drew roughly two million HYPE tokens as seed capital, signaling institutional commitment. Competing Bitwise and 21Shares funds had already attracted nearly $140 million in net inflows.
The existing HYPE ETFs, however, have exhibited mixed signals. Some days bring massive inflows, while others record outflows. SoSoValue data shows total net assets at $514.64 million and a daily net outflow of $2.71 million. A single-day inflow above $100 million in late June remains the standout.
How Grayscale's new HYPE ETF plays out will be interesting to see. Renewed inflows could push HYPE through $100, while persistent outflows may let the divergence win.
Sustained inflows would also validate the CMF reading, which currently points to genuine accumulation. Without them, the all-time high retest may well stall near the $98.76 resistance.
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