Binance Listing Pumps HYPE to New Liquidity High
Hyperliquid's native token, HYPE, has entered a new phase after hitting an all-time high near $98. The move comes as Binance opens spot trading for HYPE, adding a major source of liquidity. This development follows a sharp pullback from the record high.
The listing on Binance provides HYPE with access to a broader pool of traders, absorbing profit-taking and potentially sustaining the breakout beyond the short-term rally. Open interest remains within a bullish range despite a small pullback. Additionally, HYPE buybacks and burns add a supply-side catalyst, with over 34,280 tokens bought and burned at an average price near $95.25 in the past 24 hours.
Hyperliquid remains in a clear long-term ascending channel on the daily chart, despite the recent pullback from its record high. The token is trading around $91, well above the former breakout zone near $74-$76, which has become an important support. As long as HYPE holds above this region, the broader bullish structure remains intact.
The Chainkin Money Flow (CMF) has moved back above zero and currently stands near 0.05, suggesting buying pressure remains present. However, the MACD is descending from its peak and approaching a potential bearish crossover, raising concerns about a consolidation before the next major move.